In a twist of financial fate, the Swiss stock exchange group SIX has conjured up a Digital Collateral Service, inviting the mystical crypto creatures to frolic alongside the staid traditional securities in the collateral playground.
This service, they claim, is a wizard’s trick to simplify collateral management—reducing the muddle of operations to a mere whisper and beefing up risk management to the size of a giant yeti, according to their rather biased company release.
SIX, a grand master among Europe’s triparty agents, has decided to welcome Bitcoin (BTC), Ethereum (ETH), and a motley crew of other crypto misfits like Avalanche (AVAX), Cardano (ADA), Solana (SOL), Ripple (XRP), and the mysterious USDC (USDC) into its collateral circus tent, with promises to expand its crypto menagerie based on the whims of its clients.
“We are tickled pink to unveil that @sixgroup has launched the new Digital Collateral Service today, letting financial institutions tie up selected cryptocurrency assets as collateral alongside the old, boring stuff. #SIX has cooked up this service by mixing and matching…” — SIX Digital Exchange (@SDX_global) February 12, 2025
Collateral for Crypto’s Wild Rides
This crypto collateral will mainly be the ticket for crypto-related shenanigans, like those wild rides involving exchange-traded product issuers, institutional traders, and crypto exchanges. But fear not, it won’t be allowed to taint the noble repo transactions or securities lending within SIX’s hallowed infrastructure.
The system harnesses the magical custody solutions of the SIX Digital Exchange, ensuring a seamless blending of digital and traditional assets—like mixing oil and water, but more successfully!
SIX has been the brave pioneer in the digital asset wilderness, becoming the first to merge a digital securities depository with a conventional one—like trying to dance a waltz with a kangaroo.
Its relentless pursuit of blockchain-based financial wizardry, including hosting a wholesale central bank digital currency pilot, cements its throne as the king of digital finance—or is it a jester? Only time will tell!
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2025-02-12 19:24