Hypothekarbank Lenzburg, a prominent regional Swiss bank with assets exceeding $7 billion, has joined the Six Digital Exchange (SDX), becoming the sixth Swiss bank to do so.
In a Wednesday press release, SDX said it welcomes Hypothekarbank Lenzburg as a new member of its central securities depository (CSD).
SDX is operated by Six Group, headquartered in Zurich, and includes other renowned Swiss banks such as Berner Kantonalbank, Credit Suisse, Kaiser Partner Privatbank, UBS, and Zürcher Kantonalbank.
By joining SDX’s central securities depository, Hypothekarbank Lenzburg gains access to a diverse range of digital securities for trading on the blockchain-based platform, including digital bonds and equities.
“The SDX membership marks a significant step in advancing our bank’s presence in digital assets,” Marianne Wildi, CEO of Hypothekarbank Lenzburg, said.
“Beyond token issuance and custody, our offering should include the possibility of listing digital value rights on a trusted trading venue. SDX’s ecosystem aligns seamlessly with our goals, and we eagerly anticipate this cooperation.”
Switzerland Leads Crypto Adoption in Europe
Switzerland has established itself as a frontrunner in crypto adoption, cultivating a regulatory environment conducive to the growth of digital assets.
According to data presented by BitcoinCasinos.com, the country has the highest crypto adoption rate of all European countries, reaching 21% in 2023.
Switzerland’s crypto-friendly stance has led to the launch of several digital asset initiatives.
In April, PostFinance, a retail bank fully owned by the Swiss government, partnered with digital asset bank Sygnum to offer regulated digital asset banking services to its customers.
As part of the partnership, the Swiss state-owned bank will provide its 2.5 million customers access to buy, sell, and store Bitcoin and Ethereum, two of the world’s largest cryptocurrencies, with more tokens expected to be added in the future.
Additionally, Swiss Post introduced a new iteration of crypto stamps in May, integrating physical and non-fungible token versions with artificial intelligence technology.
Furthermore, the Swiss National Bank (SNB) has announced plans to issue a wholesale central bank digital currency (CBDC) on Switzerland’s SIX digital exchange.
“This is not just an experiment, it will be real money equivalent to bank reserves and the objective is to test real transactions with market participants,” Chairman Thomas Jordan said at the Point Zero Forum.
Swiss investment bank Credit Suisse has also joined forces with the Swiss Football Association (SFA) to release a non-fungible token (NFT) collection.
The 756 NFTs, minted on Ethereum and featuring portraits of the members of the Swiss Women’s National Team, will be available for purchase from July 11 on CSX, the bank’s digital banking application.
The proceeds will be donated to the team and to other organizations dedicated to supporting female football players.
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