Current Stance on Cryptocurrency Trading
Thomas Zeeb, CEO of SIX, Switzerland’s leading stock exchange, recently expressed that launching cryptocurrency trading isn’t on the to-do list—a sentiment echoed across various financial institutions. Zeeb noted that cryptocurrency is currently “not a priority,” as multiple platforms already cater to Bitcoin enthusiasts. His reasoning? Bitcoin’s journey is entangled in reputational issues, giving it an air of uncertainty often perceived as mere “hope and hype.”
Optimism Towards Digital Assets
On a brighter note, Zeeb hasn’t turned his back on the world of digital assets entirely. In fact, he believes digital currencies, particularly Initial Coin Offering (ICO) tokens, are undoubtedly “here to stay.” His optimistic prediction suggests that mass adoption could be around the corner—specifically in about five years.
A Comparison to Derivatives Trading
In an intriguing comparison, Zeeb likens the current state of digital currencies to derivatives trading in the early ’90s. He opines that the transition towards widespread acceptance of digital assets will undoubtedly progress at a quicker pace than the three-decade journey derivatives experienced. Too slow for the fast-paced world of finance, indeed!
Future Developments at SIX
SIX is taking steps towards a streamlined approach to trading ICO tokens with the upcoming establishment of a new digital assets exchange. Designed with a keen focus on regulations, this exchange aims to attract institutional investors. Zeeb’s key takeaway: The necessity to bridge the gap that crowdfunding and ICOs currently tackle, often filled by private equity.
Encouraging Digitization in Finance
Zeeb is all for the digitization of existing securities and exchange-traded funds. He points out the significant advantages of offering fractional ownership, especially for unconventional assets like art collections. Why not tokenize that prized Picasso, right? In early July, SIX unveiled plans to create a fully-regulated cryptocurrency exchange, utilizing blockchain to build a comprehensive digital asset ecosystem for the financial future.
