On July 6, 2018, SIX announced it plans on opening a fully regulated cryptocurrency exchange. SIX is the owner of the Swiss stock exchange. Jos Dijsselhof, CEO of SIX, is confident that the financial industry’s future is heading toward crypto. The cryptocurrency exchange is set to open during the first half of 2019, and it’s designed to address the common concerns surrounding cryptocurrency that hinder it from going mainstream.
What Concerns Will SIX Address?
One of the barriers to acquiring and investing in cryptocurrency is security. Many people don’t trust that their digital coins would be secure. According to ft.com, SIX hopes to solve the problem of security and help more people trust cryptocurrency by establishing an exchange that ensures security, accountability, transparency, safety, and stability. According to Dijsselhof, a recognized brand that is regulated is important for solving these problems.
Is Feedback Positive or Negative?
Some people may think that the crypto community would be unhappy or skeptical of this plan because decentralization is an integral characteristic of cryptocurrency. However, much of the initial feedback has been positive. Several reasons cited for supporting the venture are:
1. The move cements the fact that cryptocurrency is here to stay despite some people warning it will crash and burn
2. Mainstream recognition and involvement will improve the security of cryptocurrency trading
3. The current global monetary system will be further disrupted
4. SIX will improve upon multiple aspects of the digital currency system to make it more efficient
5. Switzerland is one of the most crypto-friendly countries
A Leader in Crypto
Switzerland’s impact on cryptocurrency has been huge, making the country a leader in crypto. While other countries were cautious and rejecting in the beginning, Switzerland embraced the concept. The government was supportive, leading to comprehensive regulations and crypto-friendly laws.
Zug, Switzerland earned the nickname “Crypto Valley” because several successful cryptocurrency companies like Ethereum found a welcoming home there. Overall, 58% of Europe’s blockchain funding comes from Switzerland.
With these facts in mind, you can understand what a big move SIX’s fully regulated cryptocurrency exchange will be. The cryptocurrency community will eagerly watch to see how much ground the crypto market will gain as a result.
Switzerland continues to help lead the world into crypto with their plans to launch a fully regulated cryptocurrency exchange. Because of the country’s crypto-friendly laws and open mind toward the technology, many people see this as a positive development. It may even be the catalyst for cryptocurrency going mainstream.