A local Swiss bank with assets of nearly $7 billion Hypothekarbank Lenzburg, has joined the SDX cryptocurrency exchange’s Central Securities Depositary. Along with Berner Kantonalbank, Credit Suisse, Kaiser Partner Privatbank, UBS, and Zürcher Kantonalbank, the bank will join SDX as its sixth member. All of these businesses have their headquarters in Switzerland, as does SIX Group, the parent company of SDX, which has its headquarters in Zurich.
The Hypothekarbank Lenzburg will be able to trade several types of digital assets, such as Digital Bonds and Digital Equities, on the blockchain-based platform by joining SDX’s Central assets Depositary. The SDX membership, according to Marianne Wildi, CEO of Hypothekarbank Lenzburg, is a significant step forward for the bank’s position in digital assets and should be incorporated into their offering as a potential listing option for digital value rights on a reputable trading platform.
As its welcoming regulatory framework develops, Switzerland is driving the adoption of cryptocurrencies. In order to provide its customers with a variety of regulated digital asset banking services, PostFinance, a retail bank that is wholly owned by the Swiss government, teamed up with cryptocurrency bank Sygnum in April. Swiss Post released a new crypto stamp iteration in May that included physical and nonfungible token variants combined with AI technology.