Bitcoin Exchange On The Horizon For Europe’s 3rd Biggest Stock Exchange – Details
19 Settembre 2024 - 9:00AM
NEWSBTC
According to the Financial Times, the Swiss stock exchange SIX, the
third largest in Europe, is exploring the possibility of launching
a new Bitcoin and crypto exchange in the country, aiming to
position itself to compete with exchanges like Binance, OKX and
Coinbase. SIX Group Plans New Bitcoin Trading Venue Bjørn
Sibbern, Global Head of Exchanges at SIX Group, highlighted the
potential for creating a platform to facilitate trading in spot
cryptocurrencies and derivatives, noting that crypto has become a
globally recognized asset class. According to the report, the
exchange aims to leverage its reputation and Switzerland’s
progressive regulatory framework for digital assets to attract
large institutional investors. Related Reading: Fantom To $2:
Here’s What’s Driving The FTM Price Recovery Despite the growing
interest, traditional financial firms have hesitated to establish
crypto trading platforms due to concerns about regulatory clarity
and reputational risks. While some major firms, including Deutsche
Boerse, Nomura, and Standard Chartered, have launched their crypto
exchanges, others remain cautious. For example, CBOE Global
Markets recently closed its spot crypto venue, citing insufficient
regulatory guidance. Similarly, CME Group had considered entering
the Bitcoin trading space earlier this year but has since indicated
that it has no immediate plans. Switzerland’s Crypto-Friendly
Environment According to Sibbern, the recent approval of spot
Bitcoin and Ethereum exchange-traded funds (ETFs) by the US
Securities and Exchange Commission has sparked renewed interest
from retail and institutional investors. Although the Bitcoin
price has seen considerable volatility over the past two months –
from a high of around $72,000 earlier this year to a current
trading price of $59,800 – it is still up 40% year-to-date,
underscoring the asset’s appeal to investors and confidence in its
continued appreciation despite medium-term challenges. The report
further notes that Switzerland has emerged as one of Europe’s most
“crypto-friendly jurisdictions,” thanks to its comprehensive laws
governing the trading and custody of digital assets. Related
Reading: CME Traders Bet Big Against Bitcoin As US Fed Rate Cut
Looms Sibbern noted that SIX is actively exploring ways to expand
its offerings in Europe, with cryptocurrency trading being a
significant consideration. However, he emphasized that any new
trading venue would cater exclusively to institutional investors,
such as asset managers, rather than retail traders. Sibbern further
told the news outlet: We are looking at other ways for us to expand
in Europe and as a part of that, we are also looking at [whether]
crypto should be a part of it. We see the trend that more and more
global banks and institutions are looking at crypto SIX also
operates a crypto derivatives platform named AsiaNext in a joint
venture with Japan’s SBI Group. Sibbern remarked that they are
evaluating whether to replicate this model in Europe. The
Swiss exchange, owned by 120 banks, already runs a digital exchange
that has listed several digital bonds since 2018, indicating its
commitment to integrating digital assets into its operations.
Featured image from DALL-E, chart from TradingView.com
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