SIX Digital Exchange is to replace outgoing CEO Tim Grant with State Street veteran David Newns, as it awaits full regulatory approval for the launch of its new crypto operation.
The third CEO of SDX since last January, Newns will take over a stuttering project which is running way behind schedule, having initially been slated for launch in the first half of 2019.
SIX insists that technical development of the core platform is now complete and scaling for full operations underway.
Thomas Zeeb, chairman SDX and member of the executive board, SIX, states: “Once we receive regulatory approval we will need to be ready to ramp up operations, client onboarding and deployment. As with any infrastructure, success will be defined by scale, and our challenge going forward will be to develop the relationships and partnerships - ecosystem, if you will - that will enable us to offer our clients what they are really looking for in challenging times: New services and products for their clients.”
Newns has a strong track record in capital markets, having spent the past four years as global head of State Street's GlobalLink platform, which includes the FXConnect, and Currenex trading platforms.
He will be taking over from Tim Grant, who has moved to pastures new, popping up at Galaxy Digital, as its first head of Europe.
Says Zeeb, “I thoroughly enjoyed working with Tim and his team at SDX and now look forward to working with David as we take SDX into the next stage of maturity and development. David brings with him the background and experience to take us forward and extend the reach of the SDX platform throughout the industry.”