SIX Securities Services, Digital Asset team up to bring blockchain to Switzerland

SIX Securities Services, Digital Asset team up to bring blockchain to Switzerland

- in All News, Cryptocurrencies
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SIX Securities Services, the post-trade infrastructure operator for the Swiss financial sector and the fintech company Digital Asset Holdings, announced they have partnered to develop a distributed ledger technology (DLT) for the Swizz financial market.

The plan of the two companies is to develop a proof of concept demonstrating the viability of the blockchain technology for the Swiss financial market. SIX Securities and Digital Asset will also develop a roadmap for future opportunities across the whole market infrastructure for a streamlined and efficient process.

The initial phase of the project will demonstrate the ability to build and incorporate distributed, encrypted, straight through processing tools into existing securities transaction flows, and propose a roadmap for extending this to a production-ready service.

“Distributed ledger technology and its potential role in post trading is key to our business. We need to understand it, and more importantly, its applicability and future flexibility in order to keep ahead of the game,” said Thomas Zeeb, Division CEO SIX Securities Services.

“We believe this collaboration will provide exciting opportunities for SIX and its customers while reducing inefficiency, cost and risk in the financial services ecosystem,” commented Blythe Masters, CEO of Digital Asset.

SIX Securities Services is a European post-trade service provider. It offers comprehensive clearing, settlement, custody, collateral management and repo trading services for Switzerland and for clients in 65 markets around the world. SIX Securities Services also operates the platform for the electronic processing of land registration and mortgage transactions, the trading platform for the money market transactions of the Swiss National Bank and the platform for the settlement of interbank payments.

Digital Asset Holdings is a fintech specializing in DLT. It builds distributed, encrypted straight through processing tools. The company is based in New York and has offices in London, Sydney, Zurich and Budapest. Last year, the firm became a founding premier member of the Linux Foundation’s open source Hyperledger Project, to drive the adoption and standardization of distributed ledger technology.

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