SIX Swiss Exchange To Use R3 Corda Enterprise for Blockchain Trading Platform
SIX Swiss Exchange, Switzerland’s principal stock exchange will be using blockchain consortium R3’s Corda Enterprise platform for its forthcoming blockchain-powered digital exchange.
The SIX Swiss Exchange sees roughly 4.62 billion Swiss Francs (CHF) (~$4.6 billion) in daily turnover, and has a market capitalization of over 1.67 trillion CHF ~($1.6 trillion). SIX had previously unveiled its plans to launch a digital asset ecosystem, named Six Digital Exchange (SDX).
In February 2019, the company announced it would be testing blockchain integration for SDX, and would use the technology to tokenize stocks, bonds and possibly exchange-traded funds (ETFs).
The platform’s chairman, Romeo Lacher, said he expects the new blockchain-powered SDX digital exchange to supersede SIX’s existing marketplace within a decade, and also revealed that the company plans to roll out its own security token offering.
Corda Enterprise is an offshoot of R3’s open source Corda blockchain platform, and can be used across applications that include capital markets infrastructure, identity, insurance, and other financial services.
Adoption by a major financial market infrastructure provider such as SIX represents a plus for Corda Enterprise.
SIX also listed an advanced multi-crypto-based exchange-traded product (ETP) in fall 2018, which tracks five major cryptocurrencies. The exchange’s Ethereum (ETH)-based ETP also began trading earlier this week.