Digital Asset Holdings Brings Blockchain To Swiss Finance
A newly announced collaboration between Digital Asset Holdings and SIX Securities Services will focus on distributed ledger technology in the Swiss financial sector. A proof of concept will be developed, and the initial prototype focuses on securities lifecycle processing.
SIX Securities Services and Digital Asset Holdings Team Up
The Swiss financial market is one of the most well-respected in the world today. But even that ecosystem can benefit from using distributed ledgers in the future. SIX Securities Services, the post-trade infrastructure operator for this sector, has partnered with Digital Asset Holdings, along with the development of a roadmap for future blockchain opportunities.
There is great potential for blockchain technology in the financial sector. SIX Securities Services conducted a competitive evaluation process to find the right partner for this new venture. Digital Asset Holdings came out on top, as the company led by Blythe Masters has been making a name for itself in recent months.
SIX Securities Services Division CEO Thomas Zeeb stated:
“Distributed ledger technology and its potential role in post-trading is key to our business. We need to understand it, and more importantly, its applicability and future flexibility in order to keep ahead of the game. Partnering with Digital Asset is a way to accelerate our own development plans and leverage their experience in this area.”
During the initial phase of this collaboration, both parties will incorporate distributed and encrypted processing tools into existing securities transaction flows. Moreover, the future roadmap will build on the foundation that will be laid during this initial stage. Such a valuable proof of concept could turn into the groundwork for blockchain technology as part of Switzerland’s financial ecosystem.
Blockchain Technology Is Coming To Swiss Finance
Future plans include to expand this blockchain prototype well beyond securities lifecycle processing. Digital Asset Holdings is tasked with developing a product roadmap. The plan is to integrate blockchain into different applications which streamline segregated processes. The objective is to make both SIX Securities Services, as well as the whole post-trade ecosystem, more efficient than it is today.
It is not the first time SIX Securities Services ventures into the world of distributed ledgers. The group will display its Corporate Action processing prototype at the upcoming Sibos event in Geneva. Having such a valuable partner is a great step forward for Digital Asset Holdings, as they continue on their path to become a blockchain service provider in the financial sector.
