As per the recent reports, two prominent digital entities from Switzerland and Japan have set out on a joint venture. The collaboration between the two entities is surrounding cryptocurrency technology. This goes onto prove that the cryptocurrency technology and industry has compelled countries practicing different cultures to collaborate.
The names of the firms collaborating are SBI Holdings that is from Japan and SIX Swiss Exchange, which is from Switzerland. Both the companies have announced that they will be collaborating on a joint cryptocurrency venture.
It was back in December when both the companies made the announcement around their collaboration in the crypto-space. The announcement was made by the officials of both the companies during the Singapore Fintech Festival back in December 8, 2020. That is when the companies announced that they are planning on introducing new developments and upgrades into the crypto-blockchain technology. It was revealed that the first project on their to-do-list was to introduce a new platform in Singapore.
It was revealed that the new platform will be created to focus on regulated institutional clients. In addition to the new platform, both the companies will be sharing each other’s expertise to introduce new technologies.
The platform created with the joint venture will provide a number of services and facilities to the users. Some of the major services that the users will be able to utilize include trading, CSD infrastructure, listing, issuing, and custody. All of these services will be available through the new platform for cryptocurrencies and digital assets. Furthermore, users will also have access to services such as regulated digital asset securities.
Both the companies announced that once the collaboration is initiated, the first step would be to construct a structure and design of the new platform. The companies will be nominating teams from inside their resources that will be collaborating with each other to work on the initial phase.
Then the next phase would involve the development of the new platform. During the development phase, the companies aim to clear out all the problems and complexities that may arise during the testing. The companies have stressed that their focus will be to provide users with the final product that would be flawless and without any problems.
It has been announced by the companies that the new platform is expected to launch by 2022. Also, the decision is completely up to the Monetary Authority of Singapore, the de facto central bank, and the main financial regulator of the city-state. If the approval is granted earlier than expected, then they will also expedite the process and try to introduce the new platform by the end of 2021.
It has also expected that with the collaboration between the two firms, a new relation will be established between Asia and Europe.