Blockchain for Banking Capital markets News

SIX Digital Exchange to settle stock trading using R3’s Corda blockchain


Today R3 announced that SIX Digital Exchange has selected R3’s Corda Enterprise to run its digital asset trading platform. SIX operates Switzerland’s main stock exchange.

Initially planned for the first half of this year, last month SIX delayed it to the second half. The exchange plans to launch with a Security Token Offering, which is similar to an ICO except it’s for tokenized shares.

The main blockchain benefit for stock trading is by tokenizing assets and cash, it enables the clearing, settlement and custody steps to happen simultaneously.

“As a highly regulated and trusted financial market infrastructure provider, SIX must operate at the highest levels of security and stability. We felt Corda Enterprise was the best fit for the scale and breadth of service we envisage with SDX,” said SDX’s Sven Roth.

“We are building the future exchange for digital assets, so the ability to adapt and evolve the ecosystem over time is crucial. R3’s wide developer community, open-source code base and experience across a range of industries make it ideal for this purpose.”

While there are numerous stock and digital asset trading initiatives, the real race is between SIX and Bakkt, the exchange founded by NYSE owner ICE. Bakkt which recently secured $182.5 million in funding, plans to launch in late 2019.