After postponing the launch of its Initial Digital Offering (IDO) just recently, Swiss Digital Exchange is set to unveil its IDO with backing from a consortium of firms by mid-2020.
Though the IDO was postponed, Six Group gave the crypto community a taste of its central securities depository (CSD) and digital exchange. Six Group is the firm behind the Swiss Digital Exchange, but in its IDO journey, Six Group has support from a consortium of several firms.
The central securities depository (CSD) and digital exchange is Six Group way of showing the public how the financial market will work in the future. The latter will be directly linked to a central order book taking the form of a stock exchange model. The system is a prototype.
Six Changed Its Initial Plans
Apart from posting the launch of Initial Digital Offering, Six Group also made some changes to its initial plans. Initially, Six Group was to tokenize unlisted shares followed by traditional assets such as bonds, art, and real estate. Now, Six Group has turned around and it will go for the tokenization of bank assets.
For the above task, its upcoming Initial Digital Offering will take the form of a typical initial public offering and will involve the issuance of shares. However, the only difference, in this case, will be investors forming the consortium will be part of the IDO through the security tokens. SDX will issue its security tokens on a blockchain platform. The tokens will be issued based on R3’s Corda technology.
The consortium is made up of market infrastructure providers and a group of investment based banks. Through the latter, SDX plans to hold one large scale investment event pulling together five or four big investors. However, SDX’s significant investment won’t be the end. SDX blueprint consists of another investment event targeting ten smaller investors.
Although Six Group did not disclose its target for the upcoming event, having several firms behind its project will ensure SDX attains its goal. For now, plans have been set in motion to ensure Six Group unveils its platform come next year.
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