6th Exchange Joins SDX Network

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Hypothekarbank Lenzburg, a prominent Swiss bank with assets exceeding $7 billion, has become the sixth Swiss bank to join Six Digital Exchange (SDX). On Wednesday, SDX announced that Hypothekarbank Lenzburg had become a member of their central securities depository (CSD).

The other renowned Swiss banks that are part of SDX include Berner Kantonalbank, Credit Suisse, Kaiser Partner Privatbank, UBS, and Zürcher Kantonalbank. By joining the central securities depository, Hypothekarbank Lenzburg can now access a range of digital securities, including digital bonds and equities, for trading on SDX’s blockchain-based platform.

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. SDX’s ecosystem aligns seamlessly with our goals, and we eagerly anticipate this cooperation.”

Switzerland has long been a frontrunner in crypto adoption, due to the country’s crypto-friendly regulatory environment. According to data presented by BitcoinCasinos.com, Switzerland has the highest crypto adoption rate in Europe, estimated to reach 21% by 2023.

Several digital asset initiatives have been launched as a result of Switzerland’s welcoming stance towards cryptocurrencies. PostFinance, a Swiss government-owned retail bank, recently partnered with digital asset bank Sygnum to offer regulated digital asset banking services to its customers. Swiss Post also released a new iteration of crypto stamps in May.

In addition, the Swiss National Bank (SNB) has plans to issue a wholesale central bank digital currency (CBDC) on Switzerland’s SIX digital exchange.

Finally, Credit Suisse has collaborated with the Swiss Football Association (SFA) to create a non-fungible token (NFT) collection. The 756 Ethereum-based NFTs feature portraits of the members of the Swiss Women’s National Team, and will be available for purchase from July 11 on CSX, the bank’s digital banking application. The proceeds will be donated to the team and other organizations dedicated to supporting female football players.

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