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Switzerland's SIX Group takes crypto plunge, plans 'digital asset ecosystem'

SIX Group AG, the owner and operator of SIX Swiss Exchange AG, is building a fully integrated and regulated digital asset ecosystem, called SIX Digital Exchange, or SDX.

The group plans to launch SDX, described as the first fully integrated, end-to-end trading, settlement and custody service for digital assets, by mid-2019, it said in a statement. The service will provide a secure and regulated market for issuing and trading digital assets, while also enabling "tokenization" of existing securities and non-banking assets which would effectively allow trading of assets that could not be traded before.

The service will be largely based on distributed ledger technology, which is the technology behind blockchain. The group which is regulated as an operator of financial market infrastructure by Swiss regulatory authorities, intends the new service to benefit from high standards of regulation.

SIX Group CEO Jos Dijsselhof said the financial industry "needs to bridge the gap between traditional financial services and digital communities."