Fireblocks to become strategic partner of SIX Group’s SDX division

The SIX Digital Exchange (SDX) platform announced a strategic partnership with cryptocurrency custodian Fireblocks.

#SDX & @FireblocksHQ will deliver institutional custody solution for #digitalassets paving the way for a seamless transition for financial institutions into the #Web3 economy! https://t.co/4xQ0omNlo0 pic.twitter.com/ILSznhIQpy

— SIX Digital Exchange (@SDX_global) July 5, 2022

According to the press release, the initial collaboration is aimed at providing “an institutional solution for storing digital assets” in a distributed economy.

As part of the partnership, the SDX Web3 Services division will integrate Fireblocks’ custodial technologies based on multiparty computation (MPC) into its system.

The offering is aimed at European institutional clients, such as banks, corporations and other financial institutions. The launch is planned for the second half of 2022.

SDX belongs to SIX Group, the operator of the Swiss stock exchange SWX (SIX Swiss Exchange).

“We believe that digital assets and the blockchain technology underlying them offer clear advantages that traditional infrastructure cannot provide. … SDX Web3 Services aims to provide a set of promising solutions for institutional players using Web3,” said SDX head David Newns.

In the next phase, the partners plan to integrate on the SDX platform access to non-custodial staking via a Fireblocks solution.

The SIX Group, a consortium of 120 banks, generated revenue of CHF 1.5 billion (~$1.55 billion) in 2021, with net profit of CHF 73.5 million (~$75.7 million). The group employs 3,685 people in 20 countries.

Fireblocks serves more than 1,300 financial institutions and, to date, has facilitated the transfer of cryptocurrency worth more than $3 trillion. In January, the custodian provider raised $550 million at a valuation of $8 billion.

In September 2021, SDX obtained licences from the Swiss Financial Market Supervisory Authority to operate as an exchange and a digital depository.

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