In March, Zurich-based BX Digital received Switzerland's first Finma license for a trading system based on distributed ledger technology (DLT) (finews.ch reported). The names of the first trading participants have now been announced.

According to the announcement on Thursday, Sygnum Bank, Incore bank, Hypothekarbank Lenzburg as well as the ISP Group securities firm and Euwax – acting as a broker for the Stuttgart Stock Exchange Group – are currently in the onboarding process to become trading participants on BC Digital, which belongs to BX Swiss and is therefore part of the Stuttgart-based group. The aim is for the partners to actively participate in regulated trading in digital assets via the new market infrastructure.

Commitment to the Further Development of the Digital Financial Center

According to the press release, all partners have extensive experience in the digital asset business and wanted to send a clear signal of their commitment to the further development of the digital financial center by participating at an early stage. Their participation underlines their confidence in the technological performance and regulatory compliance of the system.

Lidia Kurt, CEO of BX Digital, comments: «Together we are opening a new chapter in the digital capital market. This is the basis for the imminent launch of our trading system. 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 center.»

In Swiss Francs and Tokenized, Without a Central Securities Deposition

With the new DLT trading system, settlement occurs directly in Swiss francs – via integration with the SIC payment system – and assets are transferred using a public blockchain. This means that central securities depositories are no longer required, which should save time and costs and enable the trading of tokenized assets between market participants. At the same time, the highest level of security and control over the assets should be guaranteed.

According to the press release, the trading system is expected to go live in the coming months.