SIX partners with Digital Asset for Swiss blockchain

Partnership set to provide proof of concept for blockchain tech in Swiss financial markets.

SIX Securities Services and Digital Asset Holdings have teamed up to develop distributed ledger technology (DLT) for the Swiss financial markets.

The two firms will look at developing a proof of concept that will demonstrate the commercial viability of DLT across the whole market infrastructure value chain.

DLT is being explored heavily in the post-trade sector to streamline various back-office functions, particularly settlement.

As part of the agreement, Digital Asset will develop a product roadmap for future opportunities. The developer of DLT recently struck a similar deal with the DTCC, and has also received over $60 million of funding from 15 major institutions including JP Morgan, Goldman Sachs and Accenture.

“Distributed ledger technology and its potential role in post trading is key to our business,” said Thomas Zeeb, Division CEO SIX Securities Services. “We need to understand it, and more importantly, its applicability and future flexibility in order to keep ahead of the game. Partnering with Digital Asset is a way to accelerate our own development plans and leverage their experience in this area.”