SIX Digital Exchange
SIX Digital Exchange operates a regulated, blockchain-based central securities depository under FINMA supervision, serving institutional banks and financial institutions with tokenized securities issuance, cryptocurrency custody, and integrated digital asset settlement. It is the digital assets subsidiary of SIX Group.
- Company typePrivate
- Founded2021
- HeadquartersZürich, Switzerland
- Headcount101–250
- GTM typeB2B
- OfferingSoftware
What SIX Digital Exchange does
SIX Digital Exchange (SDX) is the digital assets subsidiary of SIX Group, the operator of Switzerland's main stock exchange, and provides regulated, blockchain-based central securities depository (CSD) infrastructure for institutional financial market participants. The platform issues, trades, custodies, and settles tokenized securities including digital bonds, equities, and funds, and additionally offers cryptocurrency custody, staking, and collateral management. Its architecture is asset- and ledger-agnostic, fully integrated with the traditional SIX SIS AG CSD through a proprietary CSD Links solution that allows institutions to manage conventional and digital assets through a single regulated entity under a "one plug to two worlds" model. Wholesale central bank digital currency (wCBDC) settlement rails, developed under Project Helvetia with the Swiss National Bank, provide institutional-grade Delivery-versus-Payment for tokenized securities.
Since going live in Q4 2021, SDX has facilitated over CHF 2 billion in securities issuance for major institutions including UBS, Commerzbank, and the World Bank, and in 2022 became the first regulated market infrastructure globally to issue a digital bond. In May 2026, FINMA approved the merger of SDX into SIX SIS AG, consolidating digital and traditional post-trade operations under one FINMA-supervised legal entity, and separately approved crypto custody services through the licensed CSD. In June 2026, Citi completed the first live transaction for tokenized depositary receipts representing pre-IPO private company shares on SDX infrastructure with Kaleido, targeting a $75 billion addressable market.
Revenue is generated through transaction fees on digital securities issuance and trading, plus recurring fees for custody, staking, and settlement services. Pricing is quote-based and not publicly disclosed, consistent with enterprise market infrastructure. SDX targets banks, asset managers, securities firms, and now late-stage private companies through direct enterprise sales leveraging SIX Group's existing institutional relationships, with distribution partners Sygnum and SBI Digital Markets supporting geographic expansion into Singapore and Asia-Pacific. Geographic reach currently covers Switzerland, the broader EEA via MiCA-licensed partners, and Singapore/Asia-Pacific, with U.S. investor access planned for the tokenized private shares platform.
SIX Digital Exchange firmographics
Firmographics- Name
- SIX Digital Exchange
- Legal name
- SIX Digital Exchange AG
- Website
- https://sdx.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- SIX Digital Exchange operates a regulated, blockchain-based central securities depository under FINMA supervision, serving institutional banks and financial institutions with tokenized securities issuance, cryptocurrency custody, and integrated digital asset settlement. It is the digital assets subsidiary of SIX Group.
- Ownership category
- akta.pro rank
SIX Digital Exchange industry classification
Industry- Product category
- Digital Asset Market Infrastructure
- NAICS
- Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Centralized Crypto Exchanges (CEX) (FSAPADAA)
- akta.pro secondary industries
- Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG), Central Securities Depository (CSD) & ICSD SFT Services (FSACAIAL), Digital Asset/Crypto Trade Execution Platforms (FSAFANAO), Spot Crypto Exchanges (Order-Book & Matching Engine) (FSADAAAA)
Keywords
Where SIX Digital Exchange is headquartered
LocationHeadquarters
- HQ city
- Zürich
- HQ country
- Switzerland
- HQ region
- Europe
Offices1 record
Markets served
SIX Digital Exchange business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Digital Securities Issuance and Trading Fees: Revenue generated from facilitating digital securities issuance, trading, and asset servicing on the regulated blockchain-based CSD platform for institutional clients including banks and large financial institutions.
- Custody and Settlement Services: Fees for cryptocurrency custody, staking, collateral management, and settlement services integrated into the traditional CSD infrastructure, enabling institutions to manage both conventional and digital assets.
- Crypto Asset Services: Services including custody, staking, and collateral management for cryptocurrencies, approved by FINMA and provided through the licensed Central Securities Depository.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels4 records
SIX Digital Exchange product offering
Product offeringCore offering
SIX Digital Exchange (SDX) operates a regulated, blockchain-based Central Securities Depository (CSD) providing institutional infrastructure for the issuance, trading, custody, and settlement of digital securities and crypto assets. It enables financial institutions to manage both conventional and digital assets through a unified, FINMA-supervised platform with CSD Links integrating traditional post-trade systems. The platform has supported over CHF 2 billion of tokenized securities issuance for clients including UBS, Commerzbank, and the World Bank.
Product overview
SIX operates as a global market infrastructure provider connecting traditional finance with the digital world through a regulated blockchain-based central securities depository. The core product portfolio consists of Digital Securities (for issuing, trading, and managing tokenized securities) and Cryptocurrency Services (for institutional custody, staking, and collateral management). These are supported by CSD Links integration technology enabling interoperability between traditional and digital asset infrastructure, and wCBDC cash rails for institutional-grade DvP settlement. The architecture is designed to be asset- and ledger-agnostic, supporting a 'one plug to two worlds' access model. Key capabilities include automated workflows, smart contract-driven instruments, fractionalization, enhanced collateral mobility, and 24/7 settlement. The platform went live in Q4 2021 and has facilitated over CHF2bn worth of securities issued for major institutions including UBS, Commerzbank, and the World Bank.
Differentiator
Problem solved
Functional benefit
Products and services
- Digital Securities A fully regulated blockchain-based infrastructure for issuing, trading, and managing digital securities. Provides institutional solutions for digital bond issuance, tokenized equities, and funds, with over CHF 2bn in securities issued for banks including UBS, Commerzbank, and the World Bank.
- Cryptocurrency Services Regulated, secure cryptocurrency services tailored to institutional needs, including custody, staking, and collateral management for crypto assets, integrated into the traditional CSD infrastructure and approved by FINMA.
Quantifiable outcome
- Over CHF2 billion worth of securities issued through SDX for major banks including UBS, Commerzbank, and World Bank
- +3 more outcomes
Companies that use SIX Digital Exchange
Customer profileNamed customers8 records
Segments3 records
Ideal customer profiles2 records
SIX Digital Exchange technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature5 records
SIX Digital Exchange partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and flagship.
- CiticoreCiti partnered with SIX Digital Exchange as the infrastructure provider for its blockchain-based marketplace for tokenized private company shares. Citi became the first global bank to issue and hold tokenized depositary receipts for private company shares on SDX infrastructure on June 11, 2026, completing a live transaction with Kaleido backed by Citi Ventures. The platform targets the $75 billion pre-IPO shares market and is initially available to non-U.S. investors with U.S. access planned for later.
- Rulematch AGcoreRulematch AG partnered with SIX Digital Exchange for integrated custody and settlement solutions. Rulematch is a Zurich-headquartered digital asset trading platform built exclusively for banks and securities firms that received a MiCA trading platform license from Liechtenstein FMA in June 2026, enabling it to onboard participants across the European Economic Area.
- SygnumflagshipSygnum and SBI Digital Markets were selected as partners to help provide access to the pre-IPO equities tokenization platform being built by Citi and SIX Digital Exchange. Sygnum, a Swiss digital asset bank, provides institutional-grade access to the platform targeting Switzerland, Singapore, and Asia-Pacific regions.
- SBI Digital MarketsflagshipSBI Digital Markets was selected alongside Sygnum to help provide access to the pre-IPO equities tokenization platform targeting the $75 billion private company shares market. SBI Digital Markets serves as a distribution partner for the Asia-Pacific region.
- Swiss National BankcoreThe Swiss National Bank is piloting wholesale central bank digital currency (wCBDC) for securities settlement through Project Helvetia, partnering with SIX exchange and major banks. This enables digital securities to settle against the Swiss National Bank wholesale CBDC, representing a world-first integration of central bank digital currency with commercial digital asset infrastructure.
- FINMAcoreSIX Digital Exchange received FINMA approval to operate a digital asset exchange in Switzerland and subsequently received approval to merge SDX DLT CSD into SIX SIS AG and provide crypto custody services. FINMA serves as the primary Swiss financial regulator enabling SDX's regulated market infrastructure operations.
Scale indicators6 records
Recent moves8 records
Expansion highlights6 records
SIX Digital Exchange competitors and assessment
Company assessmentDirect peers
- Onyx by JPMorgan (Kinexys): JPMorgan's institutional blockchain platform for tokenized assets, payments, and digital asset infrastructure; competes directly with SDX in regulated digital securities, settlement, and tokenized collateral for major banks and financial institutions.
- Deutsche Börse Digital: Germany's primary exchange operator building DLT-based post-trade infrastructure and digital asset services across trading, settlement, and custody; directly comparable to SDX as a European incumbent exchange extending into regulated digital securities.
- Fnality International: Wholesale CBDC-focused settlement network backed by major banks; competes in the same institutional tokenized settlement and DvP space as SDX's Project Helvetia wCBDC infrastructure.
- HQLAx: DLT-based collateral and liquidity platform operating within regulated CSD ecosystems; closely comparable to SDX's CSD Links collateral mobility and tokenized securities use cases for institutional participants.
Broad incumbents
- LSEG (London Stock Exchange Group): Global capital markets infrastructure operator with growing digital asset initiatives; overlapping but broader than SDX, providing securities services, trading, and post-trade across both traditional and emerging digital asset products.
- CME Group: Largest derivatives exchange operator with expanding digital asset and tokenization initiatives; comparable to SDX in regulated institutional trading and post-trade infrastructure but at much larger scale and broader scope.
- Coinbase Institutional: Institutional arm of Coinbase providing custody, trading, and prime services for digital assets; overlapping with SDX in crypto custody and trading services for institutional clients, though with a different regulatory posture.
Emerging players
- Taurus: Swiss-headquartered institutional digital asset infrastructure provider offering custody, tokenization, and trading technology to banks; closely comparable to SDX's institutional crypto custody and digital securities stack.
- Securitize: Tokenization platform enabling regulated issuance and lifecycle management of digital securities; comparable to SDX's digital securities issuance capabilities but operating across multiple blockchain networks rather than within a single regulated CSD.
Regional players
- Sygnum: Swiss-licensed digital asset bank offering institutional trading, custody, and tokenization services; directly comparable to SDX's regulated institutional crypto services, though Sygnum also serves as a distribution partner for SDX's pre-IPO platform.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
SIX Digital Exchange social profiles
Digital presenceSIX Digital Exchange compliance and trust
Trust signalCompliance3 records
SIX Digital Exchange financial estimates
Financial estimateRevenue estimate
Valuation estimate
SIX Digital Exchange leadership team
Management profileNumber of profiles
Profiles2 records
SIX Digital Exchange subsidiaries and ownership
Company hierarchySubsidiaries1 record
SIX Digital Exchange funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SIX Digital Exchange M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SIX Digital Exchange
What does SIX Digital Exchange do?
SIX Digital Exchange (SDX) operates a regulated, blockchain-based Central Securities Depository (CSD) providing institutional infrastructure for the issuance, trading, custody, and settlement of digital securities and crypto assets. It enables financial institutions to manage both conventional and digital assets through a unified, FINMA-supervised platform with CSD Links integrating traditional post-trade systems. The platform has supported over CHF 2 billion of tokenized securities issuance for clients including UBS, Commerzbank, and the World Bank.
Is SIX Digital Exchange a public or private company?
SIX Digital Exchange is a private company. It is classified as corporate owned and is currently operating.
When was SIX Digital Exchange founded?
SIX Digital Exchange was founded in 2021. It employs 101 to 250 people.
Where is SIX Digital Exchange based?
SIX Digital Exchange is headquartered in Zürich, Switzerland, in the Europe region.
How does SIX Digital Exchange make money?
Three revenue lines are on record. Digital Securities Issuance and Trading Fees are the primary driver. The others are custody and Settlement Services and crypto Asset Services.
Who are SIX Digital Exchange's main competitors?
Direct peers on record are Onyx by JPMorgan (Kinexys), Deutsche Börse Digital, Fnality International and HQLAx. Broad incumbents are LSEG (London Stock Exchange Group), CME Group and Coinbase Institutional. Emerging players are Taurus and Securitize. Sygnum is listed as a regional player.
Does SIX Digital Exchange have an API?
No public API is recorded for SIX Digital Exchange.
What industry is SIX Digital Exchange in?
SIX Digital Exchange's product category is Digital Asset Market Infrastructure. Its primary akta.pro industry code is FSAPADAA, Centralized Crypto Exchanges (CEX), with a secondary code of FSADAAAG, Crypto Custody & Exchange Wallet Services (Integrated). Its NAICS code is 52321 and its SIC code is 6200.