BX Digital received the regulatory approval of the Swiss market regulator to operate a platform of agreement and trade of digital assets, becoming the first of its kind in the country, he said.
The License of the Financial Market Supervision Authority (FINMA) allows the company based in Zurich to function as a commercial accounting shopping center (DLT), simplifying transactions for tokenized financial instruments.
BX Digital will use the Ethereum block chain to facilitate direct assets transfers without intermediaries such as central securities depositives, the company said in a press release.
This structure allows faster and lower cost transactions at the time that supports the negotiation of tokenized shares, bonds and funds among market participants, including banks and values companies.
“Until now the regulated secondary markets have lacked,” said the CEO Lidia Kurt in the statement. The license “is an important step to establish new standards for capital market efficiency and customer access in digital asset space.”
A key system characteristic is its connection with the payment network of the National Bank of Switzerland, ensuring that transactions sit in Swiss francs with versus payment delivery agreements. To guarantee liquidity, BX Digital is working with market manufacturers and has received strong interests from banks and issuers, according to Lucas Bruggeman, the CEO of the sister company BX Swiss ,.
BX Digital operates with BoSerse Stuttgart Group, the sixth largest exchange group in Europe, which sees this initiative as part of a broader impulse to modernize capital markets using blockchain technology. The platform has to meet specific regulatory conditions before it begins to accept customers.
The CEO of Borse Stuttgart Group, Matthias Völkel, said that BX Digital is just a first step and that a “European digital digital liquidation platform” will soon follow. The group earlier this year revealed that the cryptogram represents 25% of its income.
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