SIX Digital Exchange’s unit, SDX Web3 Services, has entered into a strategic partnership with digital asset and crypto technology platform Fireblocks to provide institutional investors and regulated intermediates with infrastructure services for the distributed economy.
SDX Web3 Services is a newly-founded business line by the digital exchange, focused on supporting clients’ Web3 activities.
The collaboration will focus on administering an institutional custody solution for digital assets to allow Swiss and European institutional clients to seamlessly transition into the Web3 economy, with a go-live planned for the second half of 2022.
This will be facilitated by integrating Fireblocks’ multi-party computation (MPC)-based solution into SDX Web3 Services. The solution provides a multi-layer security platform on which to store and transfer digital assets while ensuring operational efficiency.
Services in the offering include key storage, automated reporting, blockchain management, and transaction execution and monitoring with bank-grade compliance standards.
Commenting on the partnership, David Newns, head of SDX, explains: “At SDX we believe that digital assets and their underlying blockchain technology offer clear benefits that traditional infrastructure cannot provide.
“SDX Web3 Services is committed to delivering a suite of future-proof solutions for institutional players as they embrace Web3. We are excited to embark on this journey together with Fireblocks, the leading digital asset custody, transfer and settlement platform, to build an institutional-grade secure digital asset custody service for our clients.”
Michael Shaulov, co-founder and CEO of Fireblocks, adds: “We are delighted to partner with the SIX Digital Exchange and SDX Web3 Services teams to provide their institutional investors and regulated intermediaries with the industry’s most advanced and secure institutional-grade platform. With our technology, SDX’s customers are able to experience a seamless access into Web3, which further supports our goal of global Web3 adoption.”
