BX Digital received regulatory approval from Swiss Markets regulator to operate a digital asset trade and settlement platform and became the first of its kind in the country, it says.
The License from Supervisory Authority (Finma) allows the Zurich-based company to act as a distributed headbox technology (DLT) Trade facilities that streamline transactions for tokenized financial instruments.
BX Digital will use Ethereum Blockchain to facilitate direct asset transfers without intermediaries such as Central Securities Depositories, the company said in a press release.
This structure allows faster transactions at lower costs while supporting trading in tokenized shares, bonds and funds among market participants, including banks and securities companies.
“Regulated secondary markets have been missing so far,” said CEO Lidia Kurt in the statement. The license “is an important step in setting new standards for the efficiency of the capital market and customer access in the digital asset area.”
An important feature of the system is its connection to the Swiss national bank’s payment network, which ensures that transactions are run in Swiss franc with delivery versus payment agreements. In order to ensure liquidity, BX collaborates with market manufacturers and has received a strong interest from banks and issuers, according to Lucas Bruggeman, CEO of the sister company BX Swiss,.
BX Digital works under the Boerse Stuttgart Group, Europe’s sixth largest exchange group, which sees this initiative as part of a broader push to modernize the capital markets using blockchain technology. The platform must meet specific regulatory conditions before it begins to accept clients.
Boerse Stuttgart Group’s CEO Matthias Völkel said that BX Digital is only a first step and a “digital European issue and settlement platform will follow soon.” Earlier this year, the group revealed that Krypto accounts for 25% of its revenue.
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