SIX’s crypto division launches custody solution powered by Fireblocks
SDX Web3, the newly launched business unit from SIX Digital Exchange, is now live with its Institutional Custody Service for Crypto Assets.
SIX Digital Exchange is a subsidiary of world renowned Swiss-based and FINMA-regulated SIX Group.
The Institutional Custody Service for Crypto Assets is designed for institutional clients that want to scale their Crypto Asset business leveraging best-in-class back-end services and capabilities.
Safely store and stransfer crypto assets
The service allows institutions to safely and cost-effectively store and transfer Crypto Assets without having to deal with the related operational and technical complexities.
SIX operates as the infrastructure provider for the service, ensuring high operational and security standards. The Institutional Custody Service for Crypto Assets is business unit that is protected by SDX Web3’s quality of services for loss and theft prevention and is fully compliant regarding AML and sanction processes. All internal processes are audited and proactively manage any associated risks.
The SDX Web3 Custody service includes key storage, transfer execution and monitoring with banking-grade compliance standards, automated reporting and blockchain management. Initially the service comprises two key cryptocurrencies, BTC and ETH, and based on client demand, will plan to expand into further protocols and other crypto tokens such as stable coins, asset and DEFI tokens.
Stephan Kunz, Head of SDX Web3, “We are excited to offer institutions a second market infrastructure grade service after launching non-custodial staking earlier this year. Having laid the foundation, we can now further build out our service offering in the coming months.”
SDX Web3 Custody powered by Fireblocks
The newly launched SDX Web3 Custody service follows a recent partnership with Fireblocks, who agreed to help SDX deliver an institutional custody solution for digital assets by integrating Fireblocks’ MPC-based solution.
The partnership with Fireblocks empowers 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.
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.
SDX Web3 Services launched non-custodial Ethereum staking
In August, SDX Web3 Services went live with its non-custodial Ethereum staking service in a milestone move for the newly launched business unit from SIX Digital Exchange.
The non-custodial Ethereum staking service is tailored to institutional clients who need to scale their Ethereum staking capabilities and enables reliable and secure management of Ethereum validator nodes through a fully managed, API based infrastructure, the firm announced.