SBI Digital Asset Holdings, a wholly owned subsidiary of the Japanese banking giant SBI Holdings, has announced a crypto-joint venture with the Swiss SIX Digital Exchange (SDX).

The joint venture will be established in Singapore by the cryptocurrency issuer and aims to become a regional liquidity hub for companies. Yoshitaka Kitao, CEO of SBI Holdings, said:

This is an important step in building the global infrastructure required for large-scale institutional use of digital assets. Combined with the power of SDX in Switzerland and the planned digital exchange in Osaka, this project will create a strong institutional corridor between Europe and Asia. ”
The partnership between SBI and SIX banks in response to the growing demand for cryptocurrencies in the Asia-Pacific region will serve regulated institutions. The project is expected to formalize its activities by the end of 2021 and start offering its services by the beginning of 2022 after receiving regulatory approval from the Monetary Authority of Singapore.

The new investment will offer a number of digital asset-related products and services in the form of tokenized securities such as digital bonds, digital shares and digital securitized loans.

SIX did not immediately respond to a request for comment from Cointelegraph.

Related topics: SBI doubled the profits of cryptocurrency companies in the last financial year.

The head of SDX described SBI as a natural joint venture partner due to its experience in the institutional digital asset market and dominance in Asia.

In recent years, Singapore has grown into a global cryptocurrency hub. Major cryptocurrency exchanges such as Binance, FTX, Coinbase, Huobi and many more have found a home in the country in the midst of regulatory uncertainty around the world.

Source: CoinTelegraph