EddieJayonCrypto
18 Sep 24
Swiss Stock Exchange SIX is expanding into the crypto industry to challenge major players like Coinbase and Binance. Leveraging Switzerland's crypto-friendly environment, SIX aims to facilitate spot crypto and derivatives trading, initially targeting institutional investors. With the move, SIX seeks...
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Swiss Stock Exchange SIX is expanding into the crypto industry to challenge major players like Coinbase and Binance. Leveraging Switzerland's crypto-friendly environment, SIX aims to facilitate spot crypto and derivatives trading, initially targeting institutional investors. With the move, SIX seeks to tap into the evolving regulatory landscape and compete with established crypto platforms in Europe.
The decision to venture into the crypto sector comes amid advanced crypto laws in Switzerland that allow large traditional investors to participate in the rapidly evolving crypto space. Amid the lack of crypto regulatory rules, traditional financial firms have shied away from setting up crypto trading platforms. However, things are changing slowly as crypto becomes a recognized asset class in the market.
Furthermore, venturing into crypto trading would be a notable expansion for SIX, with the stock exchange facilitating two of the largest IPOs in Europe this year. In July, the Swiss government-owned bank PostFinance also introduced crypto trading services for users.