BX Digital, a Zurich-based firm that received the first FINMA license for a Distributed Ledger Technology (DLT) trading facility in March, has announced the first five participants in its onboarding process.
Swiss banks Sygnum Bank, Incore Bank, and Hypothekarbank Lenzburg, along with securities firm ISP Group and EUWAX AG, a broker for the Boerse Stuttgart Group, are currently preparing to join the platform.
All five intend to take part in regulated digital asset trading once the system becomes operational.
According to BX Digital, these participants bring substantial experience in the digital asset sector and have joined the platform early to demonstrate support for the development of Switzerland’s institutional digital finance ecosystem.
Their involvement is seen as an indication of confidence in both the platform’s technology and its regulatory framework.
“Together we are opening a new chapter in the digital capital market. This marks a key milestone on the path to launching our trading venue. With these first participants, we are creating the basis for a liquid and trustworthy ecosystem that will have a lasting impact on the digital financial centre,”
said Lidia Kurt, Chief Executive Officer of BX Digital.
The trading facility will feature settlement in Swiss francs and asset transfers on a public blockchain, removing the need for intermediaries such as central securities depositories.
This approach is expected to streamline processes and reduce costs while maintaining security and control over assets.
The platform will support the trading of tokenised instruments, including shares, bonds, and funds, between financial institutions.
Trades on BX Digital will operate on a verified delivery versus payment (DvP) basis.
The infrastructure is also directly linked to the Swiss National Bank’s payment system, allowing integration with existing banking operations.
The launch of the onboarding process marks a significant step forward for the project, with the trading system scheduled to go live in the coming months.
Featured image credit: Edited by Fintech News Switzerland, based on image by Freepik
