Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The crypto venture is expected to formalize its operation by the end of 2021 and start offering its services by early 2022.
SBI Digital Asset Holdings, a fully owned subsidiary of Japanese banking giant SBI Holdings, announced a joint crypto venture with Switzerlandâs SIX digital exchange (SDX).Â
The joint venture would be set up in Singapore through a crypto issuance company and aims to become a regional liquidity hub for institutions. SBI Holdings CEO Yoshitaka Kitao said:
âThis is an important step in building the necessary global infrastructure for widespread institutional adoption of digital assets. Together with SDXâs strength in Switzerland and our planned digital exchange in Osaka, this venture will establish a powerful institutional corridor between Europe and Asia.â
The partnership between SBI and SIX banks on growing crypto demand in the Asia-Pacific region and will cater its services to regulated institutions. The venture is expected to formalize its operations by the end of 2021 and start offering its services by early 2022 following regulatory clearance from the Monetary Authority of Singapore.
The new undertaking will offer a range of digital asset products and services in the form of tokenized securities such as digital bonds, digital equities and digital securitized loans.
SIX did not immediately respond to Cointelegraph's request for comment.
Related:Â SBI doubled crypto business profits in past fiscal year.
SDX chairman called SBI a natural partner for the joint venture given their expertise in the institutional digital asset market and dominance in Asia.Â
Singapore has grown to become a global crypto hub over the past few years. Major crypto exchanges like Binance, FTX, Coinbase, Huobi, and several others have found a home in the country amid regulatory uncertainty around the globe.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.