Cryptocurrency News

Thomas Zeeb & SIX Group Set To Open Digital Exchange Platform For ICOs – But Not Cryptos

As the head of securities and exchanges for the Swiss Stock Exchange, there’s not much that Thomas Zeeb doesn’t know about money and finance, be it fiat or digital. However, his latest project will be the establishment of a new digital exchange platform – that might not deal in cryptocurrency!

The SIX Group are the organization that currently  administers the Swiss Stock Exchange. Later this year, SIX Group will launch a fully regulated platform for the exchange of digital assets, which will be known as the Swiss Digital Asset Exchange (SDX). This new platform will be available to raise funds for the creation of startup companies and for the sale of ICO tokens, but surprisingly might not be available for the buying and selling of cryptocurrency.

SDX Might Not Sell Crypto!

In a recent conversation with Business Insider, the Head of Securities and Exchanges for the SIX Group, Thomas Zeeb, explained why the company did not want to create just another cryptocurrency exchange platform. According to Zeeb, the SIX Group did not prioritize the creation of a crypto-trading platform because there are already many exchanges on the market. Instead, the SDX is focusing on helping tech startup companies that would normally have to seek financing through private equity firms.

However, SIX Group will continue to focus on digital assets, because they are “here to stay” said Zeeb. But instead of the likes of Bitcoin and Ethereum, the SDX will trade – initially at least – in ICO (Initial Coin Offerings) tokens. Zeeb said that trading in other digital assets such as cryptocurrency might become an option when they have a more defined regulatory framework.

Changing Public Perspective On ICOs

According to Zeeb, the SDX wishes to make ICO tokens more easily available to institutional investors, enhancing the legitimacy of the market. As Zeeb himself put it:

There is demand from institutional clients to find a way to legitimize and bring asset safety into play. Our job is to bring capital to companies at the end of the day. That’s challenging.”

This year, Facebook, Google and Twitter banned cryptocurrency advertising on their platforms, and when Facebook changed tac, they allowed crypto ads but maintained their ban on ICOs. This is the result of a string of high profile cases that featured ICOs which generated a lot of capital, which later proved to be fake companies out to defraud investors.

A prime example of this was Centra Tech, a proposed cryptocurrency in which the co-founders paid Floyd Mayweather to be the face of the company. The Centra Tech ICO raised $32 million for a fake cryptocurrency. While Mayweather himself was never even accused of any wrongdoing, the collaborators were all apprehended and are now looking at prison sentences of 65 years each.

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