The worldwide first fully regulated financial market infrastructure for digital assets, SDX, welcomes Hypothekarbank Lenzburg as the sixth member in its central securities depository (CSD).
SDX is the digital exchange of the Swiss exchange SIX. The subsidiary approved by the Swiss Financial Market Supervisory Authority (FINMA) operates a trading exchange and a central securities depository that utilizes Distributed Ledger Technology (DLT). As a result, SDX's blockchain platform provides a comprehensive ecosystem for the issuance, trading, settlement, and custody of digital assets.
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Hypothekarbank Lenzburg as a new SDX member
Hypothekarbank Lenzburg, strongly rooted in the Aargau canton, employs over 320 staff and reported a balance sheet total of 6.7 billion CHF by the end of 2022. For several decades, the regional bank has been operating its own core banking system through its recently spun-off subsidiary "Finstar." This is one of Switzerland's first open banking platforms, used among others by FinTechs like neon.
By joining the SDX ecosystem, "Hypi Lenzburg" aims to continue establishing itself as a pioneer in the digital asset industry. Since August 2020, Finstar has enabled the tokenization and custody of assets via blockchain. Thanks to SDX's regulated infrastructure, the regional bank anticipates gaining new access to a comprehensive platform for handling digital assets for its clients.
Sixth addition to an exclusive group
Hypothekarbank Lenzburg is the sixth bank to join SIX's digital exchange. The other members include Berner Kantonalbank, Credit Suisse, Kaiser Partner Privatbank, UBS, and Zürcher Kantonalbank. According to David Newns, the head of SDX, the collaboration with Hypothekarbank Lenzburg is a positive development in their effort to provide institutional investors with trusted digital asset services. The CEO of the Aargau regional bank expressed a similar sentiment.
"SDX membership is an important step in strengthening our bank's presence in the digital asset space. In addition to issuing and custody of tokens, our offering should also include the possibility to list digital value rights on a trusted trading venue. The SDX ecosystem aligns seamlessly with our goals, and we look forward to this collaboration." - Marianne Wildi, CEO Hypothekarbank Lenzburg
