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Swiss Exchange, SIX Set To Launch Its New Coin, And An “Initial Digital Offering” (IDO)

07 May 2019

According to a recent report, Thomas Zeeb, the head of securities and exchanges at SIX which is a leading exchange firm in Switzerland, has revealed that in its bid to achieve its goal of digitising traditional assets, the company is set to launch a new coin which is expected to go live with a native coin and an “initial digital offering” (IDO). The tokens and IDO will be launched in 2020 after the upcoming trial must have taken place.

SIX to Launch an “Initial Digital Offering” (IDO)

While giving his statement, Zeeb said that:
“We’ve got a number of organisations which want to launch tokenised structured products, real estate funds, and so on. But it could also be our own IDO.”
“Whether we begin with warrants, structured products, funds is up to our clients to decide. That is currently being finalised with our user-owners,” he continued.

He further revealed that guidelines set for an initial public offering (IPO) are similar to those applied to an IDO. He also explained that he is hopeful that by 2021, SIX Digital Exchange (SDX) will start tokenizing traditional securities like fixed income, equities, and funds in as much as the regulatory framework is present.

He added: “Maybe the token will eventually replace the share one day,”

Bitcoin Doesn’t Meet (SDX)’s Requirement

Furthermore, Zebb made it known that the firm is presently not in a good place concerning the provision of trading services in virtual currencies because of the anonymity attached to it and its compliance risks. “The way bitcoin is currently set up and traded, it wouldn’t meet the criteria for SDX,” he said.

Over the past two years, the company has expended the huge sum of money on the development of SDX and it intends to employ 30 more staffers by the end of 2019 making the number of staffers at the exchange 100. The firm is in partnership with R3’d Corda Enterprise blockchain to develop the platform.

Source From : Coindoo News

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