Three months ago, the SIX Digital Exchange (SDX) said it was planning an institutionalĀ digital asset custodyĀ offering andĀ signed a dealĀ with technology provider Fireblocks. Today the SDX Web3 division announced that the custody solution is live, enabling institutions to delegate the operational and technical complexities of cryptocurrency custody to SDX.
The initial target clients are regulated, such as banks, product providers and investment managers, and at first it is focused on Switzerland, with an eye on Europe.
SDX Web3 believes the security standards associated with a major stock exchange group like SIX separates the SDX offering from most others in the marketplace.
SDXās Stephan Kunz previously spoke about the new crypto custody service, saying, āthe advantage of SDX is that it is a riskless counterparty ā we are not a financially exposed counterparty.ā
Initially, the custody solution supports Bitcoin and Ether, with other tokens such as stablecoins and DeFi-related digital assets to be added in the future based on client demand. In August, SDX announced the launch of non-custodialĀ Ethereum staking services.
SDX spans both cryptocurrencies and the tokenization of real world assets. When itĀ launched last year, SIX issued a tokenized bond using the platform.
SIX isnāt the only big name stock exchange to be associated withĀ crypto custody. Last monthĀ NasdaqĀ announced plans to get into the digital asset custody business, but we believe itās still early in the journey. Other incumbents associated with custody offerings include Standard CharteredāsĀ Zodia CustodyĀ and Nomuraās joint ventureĀ Komainu.
The top conventional custodians are all getting in on the act, withĀ BNY MellonĀ partnering with Fireblocks,Ā State Street DigitalĀ with Copper, andĀ BNP Paribas Securities ServicesĀ with Fireblocks and Metaco.






