Six Digital Exchange, Fireblocks, Unveil Crypto Custody Solution
Posted by Colin Lambert. Last updated: July 6, 2022
Six Digital Exchange’s Web3 dedicated unit, SDX Web Services, has entered a “strategic collaboration” with digital asset technology provider Fireblocks to deliver an institutional custody solution for digital assets that will, the firms say, “pave the way for a seamless transition for financial institutions into the Web3 economy.”
SDX Web3 Services will integrate Fireblocks’ MPC-based solution, designed to support institutions with a multi-layer security platform to store and transfer digital assets without jeopardising operational efficiency, into its system. Starting with key cryptocurrencies and expanding into other classes of tokens, the services will include key storage, transaction execution and monitoring with banking-grade compliance standards, automated reporting and blockchain management.
The firms claim that Fireblocks’ network of 1,300 members, technology approach and battle-tested security systems will differentiate SDX Web3 Services’ client offerings apart from its competitors, and will consist of the highest institutional-grade standards. The new offering is intended for Swiss and European institutional clients and is planned to go live in the second half of 2022.
The firms add that SDX Web3 Services is already working on integrating SDX non-custodial staking access into Fireblocks’ solution.
“At SDX we believe that digital assets and their underlying blockchain technology offer clear benefits that traditional infrastructure cannot provide,” says David Newns, head of SDX. “SDX is supporting institutional adoption through the launch of the SDX Exchange and CSD in October last year, and with the launch of SDX Web3 Services last month. SDX Web3 Services is committed to delivering a suite of future-proof solutions for institutional players as they embrace Web3.”
Michael Shaulov, co-founder and CEO of Fireblocks, adds, “With our technology, SDX’s customers are able to experience a seamless access into Web3, which further supports our goal of global Web3 adoption.”