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SIX Digital Exchange Selects R3's Corda Enterprise Blockchain Platform

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SIX Digital Exchange (SDX) has selected New York-based blockchain consortium R3's Corda Enterprise platform for running its fully integrated end to end trading, listing, settlement and custody service for digital assets such as Bitcoin. The first services will be rolled out in mid-2019.

The use of Blockchain's Distributed Ledger Technology (DLT) allows trading parties to transact on a peer-to-peer basis, with transactions to occur without the need of a central counter party that takes this counterparty risk. DLT helps transactions run and close on time using smart contracts.

The Corda platform claims to remove costly friction in business transactions by enabling institutions to transact directly using smart contracts, while ensuring privacy and security.

The platform is already being used in industries from financial services to healthcare, shipping, insurance and more. However, this will be the first time a digital asset exchange will use the platform.

The Corda Network, the underlying, open shared blockchain network linking participants using Corda, will be operated and managed by a new independent not-for-profit organization, the Corda Network Foundation.

Swiss stock exchange owner SIX announced its plans to launch its own fully regulated cryptocurrency exchange SDX in July last year. The service provided by SDX will be mainly based on DLT.

SIX is already a regulated operator of Financial Market Infrastructure (FMI) by Swiss Authorities, the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank.

The exchange is being launched at a time when big global crypto exchanges are considering shifting base to Switzerland as regulators in their native countries are increasingly tightening the noose around them.

Switzerland hopes to attract more fintech firms as it has been one of the most crypto-friendly jurisdictions in Europe, with regulators offering clear operating guidelines to crypto companies.

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