For many years, cryptocurrency exchanges have primarily been conducted through trusted centralized platforms, such as Coinbase and Binance. With the rise of this new asset class and the growing trust placed in it, traditional financial giants such as SIX Group are considering launching their own cryptocurrency exchange platform.
Growing confidence in cryptocurrencies from institutions
Since its launch in 2009, Bitcoin has continued to attract the wrath of governments, particularly because of the pressure exerted by banks to see this disruptive asset disappear.
After 15 years of existence, However, it appears that Bitcoin is showing resilience against its long-standing enemies and is even becoming an asset of choice as a store of value..
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Indeed, after being recognized as a commodity, like oil and gold, by the Commodity Futures Trading Commission (CFTC) in the United States, Bitcoin was even adopted as legal tender in El Salvador in 2021..
Faced with the confidence placed in this new digital gold, institutions such as the financial giant BlackRock are now offering their clients the opportunity to invest through innovative financial vehicles: Bitcoin spot ETFs.
Due to the growing popularity and investor appeal of cryptocurrencies, some banks are choosing to move with the flow and adopt, or even offer, their own products relating to this new asset class.
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SIX Group plans to launch a cryptocurrency exchange on European soil
SIX Group, a private company owned by around 120 Swiss banks, is considering launching a cryptocurrency exchange on European soil.The SIX Group operates major financial infrastructures, including the Swiss Stock Exchange (SIX Swiss Exchange) and the Spanish Stock Exchange (BME). It plays a central role in European financial markets.
The group intends to capitalize on its reputation as well as on Swiss legislation to create a cryptocurrency exchange that would attract large institutional investors..
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Bjorn Sibbern, global head of exchanges at SIX Group, told our colleagues at the Financial Times that: Cryptocurrencies are now recognized as an asset class in their own right ” and that the group plans to ” create a platform that will facilitate trading, whether it is cryptocurrencies in cash or derivatives “.
Although this possible platform marks a significant turning point, proving the interest of banks in cryptocurrencies, It will be exclusively reserved for institutional investors and asset managers..
Source: Financial Times
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Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In a perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provide a weekly fundamental analysis.
Theo Zananiri
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