SBI Digital Asset Holdings, a wholly owned subsidiary of the Japanese banking giant SBI Holdings, has announced a joint venture with cryptocurrency with the Swiss digital exchange SIX (SDX).

The joint venture will be established in Singapore by a cryptocurrency issuer and aims to become a regional liquidity hub for institutions. Yoshitaka Kitao, CEO of SBI Holdings said:

This is an important step in creating the global infrastructure needed for widespread institutional use of digital assets. Combined with the strength of SDX in Switzerland and the planned digital exchange in Osaka, this project will create a strong institutional corridor between Europe and Asia. ”
A partnership between SBI and SIX banks to meet the growing demand for cryptocurrencies in the Asia Pacific region and will offer its services to regulated institutions. The project is expected to formalize its activities by the end of 2021 and start offering its services by the beginning of 2022 after obtaining permission from the Monetary Authority of Singapore.

The new investment will offer a number of digital assets related products and services in the form of tokenized securities such as digital bonds, digital shares and digital securitized loans.

SIX did not immediately respond to a request for comment from Cointelegraph.

About this topic: SBI doubled its profits for crypto companies in the last financial year.

The SDX leader described SBI as a natural partner in the joint venture due to its experience in the institutional digital asset market and its dominance in Asia.

In recent years, Singapore has grown into a global cryptocurrency hub. Major cryptocurrency exchanges such as Binance, FTX, Coinbase, Huobi and a few others have found a home in the country in the midst of regulatory uncertainty around the world.

Source: CoinTelegraph