This is a new marketplace that will be available mid-2019. Its creator is the SIX Group, which operates the Swiss stock exchange. According to SIX, the fully regulated exchange will be “the world’s first market infrastructure to offer integrated trading and custody services for digital currencies.”
The platform will operate in a distributed registry system (DLS), which in its functions and properties is close to the blockchain. Financial assets like bonds and shares can be digitized and linked to a token. Other exchangers are also looking at DLS technology. These include the Australian Securities Exchange and the London Stock Exchange. However, no exchange has gone as far as SIX, which will create a completely new Behemoth Crypto platform, combining all elements of trading.
The fact that the SIX Group is owned by 130 banks indicates that the Swiss banking sector is planning its entry into the cryptocurrency sectorThe exchange could become a regulatory-safe platform to implement this plan.
Thomas Zeb, head of exchanges and securities, said that the new platform will allow “all market participants to develop their own business models within this ecosystem.” He also mentioned that Behemoth Crypto can help users create their own ICOs. By the way, in 2018, using this method of fundraising in Switzerland, more than $456 million was already collected.
The Swiss financial regulator was one of the first to issue basic principles of ICO operation in the country, indicating that most digital tokens can be classified like securities.
Despite all the positive aspects, the new exchange will not be completely decentralized - a key component of blockchain ideals. This means that the platform will not be owned or operated by its participants. Some dismiss the idea of such an exchange entirely, accusing it of being a cheap rip-off of the blockchain.
Recently at a conference in Zug, Vitalik Buterin opined: “I hope that all centralized exchanges burn in hell as quickly as possible.”
SIX is also keeping information about the listing of Bitcoin and other cryptocurrencies on the platform secret. It appears that cryptocurrency trading will not be available on the platform initially. The management of the exchanger has postponed the final decision on what to do with Bitcoin and the company for an indefinite period..
“This opportunity cannot be missed - for us to truly become a crypto nation, Switzerland needs a professional CHF-BTC exchange, so this exchange must have major cryptocurrencies present,” said Lucas Betschart, President of the Bitcoin Association in Switzerland.
According to eurasiareview.com
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