SBI Digital Asset Holdings, a wholly-owned subsidiary of Japanese banking giant SBI Holdings, announced a cryptocurrency joint venture with Swiss digital exchange SIX (SDX).
The joint venture will be established in Singapore through a cryptocurrency issuance company and aims to become a regional liquidity hub for institutions. SBI Holdings CEO Yoshitaka Kitao said:
“This is an important step in building the global infrastructure necessary for the widespread institutional adoption of digital assets. Along with the strength of SDX in Switzerland and our planned digital exchange in Osaka, this company will establish a powerful institutional corridor between Europe and Asia”.
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The partnership between SBI and SIX is based on the growing demand for cryptocurrencies in the Asia-Pacific region and will provide its services to regulated institutions. The company is expected to formalize its operations in late 2021 and begin offering its services in early 2022 following regulatory clearance from the Monetary Authority of Singapore.
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