Swiss stock exchange SIX is exploring the launch of a new crypto trading platform in Europe, aiming to challenge dominant players like Binance, Financial Times reported on Sept. 18.
Bjørn Sibbern, SIX Group’s global head of exchanges, stated that the firm was assessing a platform to support spot crypto trading and derivatives activities because the emerging industry is increasingly recognized as a legitimate asset class.
According to Sibbern, the proposed platform would serve only institutional investors like asset managers.
SIX plans to leverage its strong reputation and Switzerland’s favorable crypto regulations to attract institutional investors to achieve this.
This move would benefit from Switzerland’s clear crypto regulations and offer a secure asset trading and custody environment. Its target of large-scale investors would also add to the region’s competitive advantage in the crypto space.
Notably, this comes as more traditional financial institutions like Standard Chartered and Singapore-based DBS have expanded their services to include crypto-focused trading activities.
Market observers have linked this development to the approval of spot crypto exchange-traded fund (ETF) products linked to Bitcoin and Ethereum trading in the United States.
