Swiss Company of Exchange Will Use Stablecoin Linked to Franco for Local Use
It is expected that the official launch of the SIX stablecoin will take place by the middle of 2020
In a recent press release, spokespersons of the Swiss exchange company SIX revealed they are developing a stablecoin that will be linked to the Swiss franc. This has the purpose of using said asset to improve all the processes of transactions within the private network, SIX Digital Exchange (SDX). It is not known if this project will only work as an internal use of the company or if it will be open to the public.
The piece of news does not surprise a lot since a few months ago the Director of the Exchange Department of SIX, Tomás Zeeb, had announced that they would be developing a plan for the issuance of some tokens created for its digital exchange platform. “At the end, we want to be able to tokenize our existing securities, values, fixed salaries and funds. The token may replace the percentage someday”, he said.
Despite this announcement, plans for the installation are not yet concluded. The beginnings of the development and creation project are scheduled to begin by the end of this summer, beginning of August. In addition, they estimate that by the year 2020 the official launch can take place.
SIX at the Vanguard of Crypto-technologies
In recent years, Switzerland has managed to emerge as one of the countries with the most financial openings towards blockchain technology and cryptoactives. It is for this reason that Swiss companies dedicated to this technological profile, such as SIX, have managed to position themselves among the financial markets of the country, and, in this way, increase their aspirations to generate a change in the ways of managing finances.
SIX is one of the first ones to create market financial structures, specifically among the cryptocurrency market. It has not stopped in modernizing its tools of development. In the middle of last year, SIX announced that during the year 2019, its SDX platform would be ready to tokenize bonds and actions as a first instance, to then continue with digital versions of other assets of value as pieces of art, and objects of great value.
SIX has been the most successful company in the local financial market and now it is very influent. The level and position of its actions in the financial market is inspiring other small exchange companies to continue with their development plans.
Nearby examples are the German exchange company, Deutsche Börse and the Frankfurt Stock Exchange, which at the moment has been associated with the telecommunications company supported by the Swiss government, Swisscom, which would have an advanced tokenization system.
Similarly, it was recently known that the Russian National Settlement Deposit Fund would launch, in Switzerland, a “Decentralized Digital Depository” system, which will safeguard and distribute more than three types of tokens that are not known yet.
Stablecoins have best reputation than cryptocurrencies like Bitcoin. This happens because of the stability and volatility problems that some of them suffer. Institutions like the European Central Bank (ECB) are closely watching the behavior of stablecoins, which could avoid volatility and achieve better results for local uses in the countries that do not accept cryptocurrencies yet.
By María Rodríguez