Switzerland’s Six Digital Exchange Launches With Blockchain Bond


Six Digital Exchange (SDX), Switzerland’s long-awaited crypto-asset buying and selling venue, has launched with its first stay transaction, issuing a 150 million CHF ($162 million) digital bond utilizing blockchain rails.

CoinDesk beforehand reported that SDX would go stay this month, following the receipt of two licenses from Swiss markets regulator FINMA in September. The SDX blockchain bond is the primary digital issuance to be completed utilizing regulated market infrastructure, in line with a press release from parent company SIX.

Credit Suisse, UBS Investment Bank and Zürcher Kantonalbank acted because the joint lead managers on the bond issuance.

“The first issue of a tokenized bond on the SIX Digital Exchange as well as its listing and placement in the market proves that the forward-looking distributed ledger technology (DLT) also works very well in the highly regulated capital market,” mentioned Thomas Zeeb, international head of markets at SIX, in a press release.

In August, SDX announced that David Newns from State Street would take over as CEO after Tim Grant, previously of R3 Innovation Lab, left the alternate to affix Galaxy Digital. The SDX undertaking was initially led by Martin Halblaub, who give up in 2019 over strategic variations.

SDX is constructed utilizing the permissioned Corda structure equipped by R3, and operates as an built-in buying and selling, settlement and custody infrastructure for digital property.

“This is one of the biggest changes we are likely to see in financial market infrastructure in our lifetime,” mentioned Todd McDonald, R3′s co-founder, in a press release. “In fact, if ever there was a David & Goliath moment in the history of capital markets and financial market infrastructure, it’s the birth of Six Digital Exchange.”