According to news published on Cointelegraph SBI Digital Asset Holding which is a fully owned subsidiary of the Japanese banking giant of SBI Holdings has announced a joint crypto venture with Switzerland-based SIX Digital Exchange (SDX).
SBI told the joint venture will be set up in Singapore through a cryptocurrency issuance company. Its aim is to become a regional liquidity hub for institutions.
CEO of SBI Holdings, Yoshitaka Kitao said, “This is an important step in building the necessary global infrastructure for widespread institutional adoption of digital assets. Together with SDX‘s strength in Switzerland and our planned digital exchange in Osaka, this venture will establish a powerful institutional corridor between Europe and Asia.“
According to reports this joint venture between SBI and SIX banks will start its operations by the end of this year and will offer its services in early 2021 after regulatory clearance from the Monetary Authority of Singapore.
Over the past few years, Singapore has become a global crypto hub. Singapore is a base home for major cryptocurrency exchanges including Binance, FTX, Coinbase, Huobi, and many others.
This joint venture will offer different services including tokenized securities, digital securitized loans, digital equities to customers in Singapore.