Swiss stock exchange takes stake in digital asset startup PassOn

Swiss stock exchange takes stake in digital asset startup PassOn

The Swiss stock exchange has taken a minority stake in pre-ICO start-up PassOn AG as part of its strategy to build a digital asset custody ecosystem.

Exchange owner SIX announced in July plans to build a fully integrated, DLT-based end-to-end trading, settlement and custody service for digital assets. Slated for launch in the first half of next year, the service aims to provide a safe environment for issuing and trading digital assets, and enable the tokenisation of existing securities and non-bankable assets to make previously untradeable assets tradeable, claims SIX.

PassOn AG is a Swiss start-up specialising in the transfer of digital assets as part of inheritances. The firm is currently preparing for an ICO to fund the development of its digital estate planning and inheritance platform.

According to Valerio Roncone, head product management & business development, Securities & Exchanges at SIX: "The challenge in the digital asset space is to ensure clean, transparent and legally binding title to the assets between parties. This requirement is identical for counterparties who are exchanging assets whether they are living or deceased. The Distributed Ledger-based solution developed by PassOn will help enable such asset transfer seamlessly."

As part of the investment, Roncone will become a board .ember of PassOn AG.

Says Stephan Wippermann, CEO, PassOn AG: "We will explore how to use SDX offerings such as listing or secure storage of the PassOn token to leverage the SIX digital ecosystem."

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