Singapore – It has been a busy week for Singapore and Switzerland to launch a new digital exchange called SDX. Recently, SEX’s parent company, SIX, announced the wholesale central bank digital currencies (CBDCs) feasibility, involving the Bank of International Settlements (BIS) and the Swiss National Bank (SNB).
This week, SDX launched a new crypto custody solution called Custodigit, aiming to build a better digital asset gateway in Switzerland. In the same week, SDX also announced its partnership with Japan’s crypto-friendly bank SBI in building a new digital asset exchange in Singapore that will launch by 2022.
The latter announcement was slightly outshined by Singapore’s DBS Bank’s new digital asset exchange, which will start trading next week. According to SDX’s head officer Tim Grant, the respective exchange’s plans ramp up over cryptocurrencies. They want to collaborate with new companies to keep the industry competitive as SDX grows the pie for digital assets.
Regarding Switzerland’s connection to Singapore, “rivalry” is not the right word. Many analysts and critics say that both countries strengthen their relationships, especially when it comes to cryptocurrencies. It tends to be the most usual suspects to join hands when it comes to crypto trading, banking, and custody.
Many Swiss-regulated crypto banks, including Sygnum, have a strong foothold in Singapore. Similarly, the FINMA-licensed SEBA Bank is already on-board as a market maker for the upcoming DBS Digital Exchange.
The first-ever SDX Digital Exchange will leverage blockchain technology in Singapore and provide a better platform that uses asset tokenization. It will also allow a more convenient digital asset trading. Although investing in cryptocurrencies remains risky, many Singapore users are eager to use and store their preferred crypto financial products. Also, the SDX Digital Exchange can be a safer way to gain exposure in high-performing businesses that have positioned themselves in the cryptocurrency tailwind.