The project will build a corridor between Europe and Asia: SBI Holdings CEO
Major Japanese bank SBI Holdings, a wholly owned subsidiary of SBI Digital Asset Holdings, announced its cooperation with the Swiss digital exchange SIX (SDX) on a joint crypto venture in Singapore this morning.
The partnership aims to create a reliable regional liquidity hub for institutions through a crypto issuing company. The company will provide a variety of services, including issuing, trading and storing digital assets for investors, the press release says.
It is expected that SDX’s experience in operating trading and settlement agency services for digital assets in Europe, combined with its reputation as a member of the SIX Group, will be key to the success of the partnership.
It will allow the crypto company not only to manage digital assets, but also to tokenize existing securities and other assets, including digital bonds, digital shares and digital securitized loans.
Yoshitaka Kitao, CEO of SBI Holdings, stated that the partnership is an important step in building the necessary global infrastructure for a broad institutional adoption of digital assets:
“Together with the strength of SDX in Switzerland and our planned digital exchange in Osaka, this project will create a strong institutional corridor between Europe and Asia.“
The company is designed to meet the growing demand for investment in digital assets as a mechanism for diversifying institutional portfolios in the Asia-Pacific region. It is expected that it will direct its services to regulated institutions in the region, the press release says:
“The newly established joint venture aims to directly meet the demand of institutional investors for digital assets such as digital securities and crypto assets, and bundles the technologies and know-how of the company and SDX in Singapore.“
The project is awaiting approval from the Monetary Authority of Singapore (MAS) and is expected to formalize its operation by the end of 2021. The joint venture will offer its services in early 2022.