Hypothekarbank Lenzburg, a regional Swiss bank with over $7 billion in assets, has become the sixth Swiss bank to join Six Digital Exchange (SDX).
According to the press release from Sept. 27, Hypothekarbank Lenzburg joins Berner Kantonalbank, Credit Suisse, Kaiser Partner Privatbank, UBS and Zürcher Kantonalbank. All the companies are from Switzerland, and SDX's company, Six Group, is headquartered in Zurich.
As specified in the release, by joining the SDX’s central securities depository, Hypothekarbank Lenzburg will get the ability to trade various digital securities types on the blockchain-based platform, including digital bonds and digital equities. Marianne Wildi, CEO of Hypothekarbank Lenzburg, said:
“The SDX membership marks a significant step in advancing our bank’s presence in digital assets. Beyond token issuance and custody, our offering should include the possibility of listing digital value rights on a trusted trading venue.”
Switzerland is spearheading crypto adoption as it expands its friendly regulatory environment. In April, PostBank — a retail bank wholly owned by the Swiss government — partnered with the digital asset bank Sygnum to offer its customers a range of regulated digital asset banking services. In May, Swiss Post issued a new crypto stamp iteration featuring physical and nonfungible token versions integrated with artificial intelligence technology.