SIX Digital Exchange partners with Fireblocks

Rick Steves

“SDX is supporting institutional adoption through the launch of the SDX Exchange and CSD in October last year, and with the launch of SDX Web3 Services last month.”

SIX Digital Exchange’s Web3 dedicated unit, SDX Web3 Services, has partnered with Fireblock to provide financial institutions and institutional investors with a set of infrastructure services for the distributed economy.

Fireblocks is a leading digital asset and crypto technology platform and will help SDX deliver an institutional custody solution for digital assets by integrating Fireblocks’ MPC-based solution.

Fireblocks’ MPC-based solution provides a multi-layer security platform for storage and transfer of digital assets and SDX will start by offering key cryptocurrencies only to soon expand into other classes of tokens.

SDX is supporting institutional adoption

David Newns, Head of SDX, said: “At SDX we believe that digital assets and their underlying blockchain technology offer clear benefits that traditional infrastructure cannot provide. SDX is supporting institutional adoption through the launch of the SDX Exchange and CSD in October last year, and with the launch of SDX Web3 Services last month. SDX Web3 Services is committed to delivering a suite of future-proof solutions for institutional players as they embrace Web3. We are excited to embark on this journey together with Fireblocks, the leading digital asset custody, transfer and settlement platform, to build an institutional-grade secure digital asset custody service for our clients.

Michael Shaulov, Co-founder & CEO of Fireblocks, commented: “We are delighted to partner with the SIX Digital Exchange and SDX Web3 Services teams to provide their institutional investors and regulated intermediaries with the industry’s most advanced and secure institutional-grade platform. With our technology, SDX’s customers are able to experience a seamless access into Web3, which further supports our goal of global Web3 adoption.”

The partnership with Fireblocks will empower SDX with several critical functionalities for institutional adoption, including key storage, transaction execution and monitoring with banking-grade compliance standards, automated reporting and blockchain management,

This offering is intended for Swiss and European institutional clients such as banks, corporates, and other financial institutions. The go-live is planned for H2 2022. SDX Web3 Services is already working on integrating SDX non-custodial staking access into Fireblocks’ solution.

SDX launched its operation in November 2021 after being approved by FINMA for two licenses. The blockchain architecture used by SDX is based on permissioned Corda architecture supplied by R3 and an important point to note here is that it doesn’t use any of the other privately owned blockchains like Ethereum, Polygon, Solana, and others.

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