The Swiss stock exchange, SIX, is exploring the launch of a new crypto trading platform in Europe. The goal is to compete with market giants like Binance, according to a report by the Financial Times on September 18.
Institutional Investors in Focus
Bjørn Sibbern, global head of exchanges at SIX Group, stated that the company is evaluating a platform for spot crypto trading and derivatives. This move is driven by the growing recognition of cryptocurrencies as a legitimate asset class.
SIX plans to focus on institutional investors, including asset managers. The firm aims to leverage its strong reputation and Switzerland’s favorable crypto regulations. By doing so, they hope to attract large-scale investors. Additionally, Switzerland’s clear regulatory environment offers a secure space for asset trading and custody.
Recently, other traditional financial institutions, such as Standard Chartered and Singapore-based DBS, have expanded into crypto trading. This highlights a trend of established players entering the market.
Enhanced Competition in the Crypto Market
If SIX proceeds, it could significantly challenge major crypto platforms like Coinbase and Binance. These platforms currently dominate the market.
Data from blockchain analytics firm CCData reveals an increase in trading volume on centralized exchanges. Spot and derivatives activity grew by 5.38% in August, reaching $5.22 trillion. Moreover, top-tier exchanges like Binance, Coinbase, and ByBit account for about 70% of this volume.
The entry of SIX could create new competitive conditions. This would likely impact the dominance of current leaders in the crypto trading space.
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