BX Digital wins three Swiss banks and two securities firms for its new DLT trading facility
BX Digital, which received the first FINMA licence for a Distributed Ledger Technology (DLT) trading facility in mid-March, has announced the first five trading participants.
Swiss banks Sygnum Bank, Incore Bank and Hypothekarbank Lenzburg, as well as securities firm ISP Group and EUWAX AG, broker for the Boerse Stuttgart Group, are currently in the onboarding process to become trading participants on BX Digital. They intend to actively participate in the regulated trading of digital assets on this new market infrastructure once the trading system goes live – an important milestone on the way to a broad-based institutional ecosystem for digital assets in Switzerland.
All of the partners have extensive experience in the digital asset business and through their early participation, aim to send a clear signal of their commitment to advancing the digital financial ecosystem. Their participation underlines their confidence in the technological capabilities and regulatory compliance of the infrastructure.
‘We are truly grateful for the trust our partners have placed in us. Together we are opening a new chapter in the digital capital market. This marks a key milestone on the path to launching our trading venue. With these first participants, we are creating the basis for a liquid and trustworthy ecosystem that will have a lasting impact on the digital financial centre,’ says Lidia Kurt, Chief Executive Officer of BX Digital.
The central element of the new DLT trading facility is the settlement in Swiss francs and the transfer of assets on a public blockchain – without the need for intermediaries such as central securities depositories (CSDs). This not only saves time and money but also enables the trading of tokenised assets such as shares, bonds and funds to be traded between market participants such as banks and securities firms. This greatly simplifies processes while ensuring the highest level of security and control over assets. Payments and asset transfers at BX Digital are based on verified delivery versus payment (DvP) agreements. A direct connection to the Swiss National Bank’s payment system enables seamless integration with existing banking systems.
The start of onboarding is a crucial step – the trading system is expected to go live in the coming months, marking the transition from a development phase to an active market phase.
Opinions
At Sygnum, we fully embrace the emergence of an on-chain tokenization ecosystem in Switzerland. By joining BX Digital’s regulated DLT trading platform, we are taking an active role in shaping a future where digital assets are traded seamlessly, securely and transparently on-chain. This marks another step toward unlocking the full potential of tokenized finance.
As a launch partner of BX Digital, we are sending a clear signal in favour of regulated trading of digital assets. As an established techbank, we are delighted to be able to help shape the future of the digital financial centre.
Participating in trading on BX Digital is a logical extension of our services in the digital asset business. We already offer the custody of tokens. In the future, we will also be able to offer our clients token listings on BX Digital and token trading through the new platform. We are delighted to be able to expand our pioneering position in crypto banking with this step.
We are proud that ISP will be one of the first members and liquidity providers on the newly created and FINMA regulated BX Digital. As one of the first participants, we are excited to push forward tokenization within a regulated environment, alongside our partners BX and Taurus.
More news from BX Digital
BX Digital, which received the first FINMA licence for a Distributed Ledger Technology (DLT) trading facility in mid-March, has announced the first five trading participants.
BX Digital is the first Swiss financial market infrastructure to receive approval from the Swiss Financial Market Supervisory Authority FINMA for a DLT trading facility.