Regulated Crypto Ecosystem To Be Created In Europe
One of the largest stock exchanges in Germany announced a strategic partnership with Swisscom, the Swiss state telecom company, and Sygnum, the financial and technology firm, to create a regulated market crypto ecosystem. The parties published a joint press release.
The partners are planning to create a blockchain-based tokenized economy, the potential of which will help to change the global financial market in the future. The joint work of the companies is aimed at developing new cryptocurrencies and custodial solutions, as well as providing access to banking services.
Sygnum operates on the basis of a license from the Swiss financial regulatory authority (FINMA). The document allows the company to accept deposits and store financial assets, provide lending services, issue tokenized capital, engage in brokerage and other activities on the market.
The main task of Swisscom is to provide the members of the agreement with a developed infrastructure using distributed ledger technology that meets all market security requirements.
Deutsche Börse will have to develop crypto custodial solutions aimed at institutional clients. Besides, the German stock exchange will receive a stake in Custodigit AG, jointly established by Swisscom and Sygnum.
It is assumed that the parties to the agreement will provide the first services to customers as early as in 2019, immediately after the permission from the regulatory organization.
As previously reported, Deutsche Börse will launch several crypto futures contracts.