The Swiss arm of the Raiffeisen banking group is set to join the SIX Digital Exchange (SDX), the trading platform and central securities depository (CSD). This move is aimed at further establishing Raiffeisen’s presence in the blockchain sector. SDX, which is licensed by the Swiss Financial Market Supervisory Authority (FINMA), operates a trading platform and CSD that utilize distributed ledger technology (DLT). By joining SDX, Raiffeisen Switzerland gains access to a comprehensive platform for the issuance, trading, settlement, and custody of digital assets.
Previously, Raiffeisen’s offering of services related to digital assets was limited. However, by connecting to the SIX Digital Exchange, the systemically important Swiss bank gains access to a complete platform. The “Atomic Settlement” function of SDX synchronizes trade execution, securities transfer, and payment, eliminating counterparty risk.
“By joining the SDX ecosystem, Raiffeisen Switzerland expands its presence and experience in the field of digital assets with the aim of actively contributing to the development of the industry and the product landscape for digital assets,” said Werner Leuthard, Head of Trading at Raiffeisen Switzerland.
In addition, the integration of SDX into the Swiss Stock Exchange’s central securities depository (SIS) is expected to facilitate seamless access for institutional clients and bridge the gap between digital and traditional infrastructures. According to David Newns, Head of SDX, Raiffeisen Switzerland’s membership reflects a shared commitment to the blockchain sector.
Swiss banks are increasingly offering crypto services, with various banking groups preparing their own offerings for the past year. The trend started with PostFinance, the largest retail bank in Switzerland, announcing its trading and custody services for early 2024. This was followed by Luzerner Kantonalbank, the first state bank, promising similar services for the first quarter of the following year. The momentum continued as Zuger Kantonalbank immediately introduced trading and custody services for selected cryptocurrencies, and St. Galler Kantonalbank also entered the market shortly after. Jan Damrau of ZugerKB expects more state banks to join in the future.
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| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇭 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Jan Damrau, David Newns, Werner Leuthard |
| Companies | Eidgenössische Finanzmarktaufsicht (FINMA), Atomic Settlement, Raiffeisen, Zentralverwahrer der Schweizer Börse (SIS), SIX Digital Exchange (SDX), Swiss Börse SIX |
| Currencies | None |
| Securities | None |
