Hypothekarbank Lenzburg, a regional Swiss bank with over $7 billion (6.6 billion Swiss francs) in assets, has joined the Central Securities Depositary of the crypto exchange SDX.
According to the press release from Sept. 27, Hypothekarbank Lenzburg will become the sixth bank to join SDX along with Berner Kantonalbank, Credit Suisse, Kaiser Partner Privatbank, UBS and Zürcher Kantonalbank. All of the aforementioned companies are from Switzerland, as the SDX itself, whose parent company, SIX group, is headquartered in Zurich.
As specified in the release, by joining the SDX’s Central Securities Depositary, Hypothekarbank Lenzburg will get the ability to trade various digital securities types, including Digital Bonds and Digital Equities, on the 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.”
Switzerland is spearheading the adoption of crypto as it expands its friendly regulatory environment. In April, a retail bank fully owned by the Swiss government, PostFinance, partnered with the cryptocurrency bank Sygnum to offer its customers a range of regulated digital asset banking services. In May, Swiss Post issued a new crypto stamp iteration featuring physical and nonfungible token versions integrated with artificial intelligence technology.