PassOn AG has sold its minority stake to Six Digital exchange, the owner and regulator of the swiss Stock exchange. The equity acquisition by SIX aligns with the company’s recent plans of developing a new digital platform, (probably) a subsidiary of its traditional stock exchange.
The company is partnering with PassOn AG, a startup seeking to transfer inheritance in digital assets to families of individuals who have placed ‘predefined’ rules on assets distribution or deceased individuals.
Link physical assets to cryptos
With PassOn’s infrastructure, it would be practical to link underlying assets with digital currencies which can then be transferred as inheritance to intended beneficiaries. Valerio Roncone, the Head Product Management & Development at SIX reviews that safeguarding a clean, open and legit tittle to assets between trading parties is the real problem in the cryptocurrency industry, attributes that he says are absolutely necessary during assets exchange whether between living or deceased counterparts.
However, he acknowledges that “PassOn AG is doing so in a fully regulated way, building an infrastructure that is notarized, visible to the authorities and transparent to all stakeholders that are involved.”
PassOn’s CEO Stephan Wippermann while commenting on his company’s partnership with SIX asserted that they want to digitalize inheritances by leveraging on cutting-edge blockchain and smart contract technologies. The company is preparing to go live to raise funds that will aid in the development of the platform.
According to the partnership deal between PassOn and SIX, the minority shares purchased by SIX will come with a seat on the board which will be taken by Valerio Roncone.
Traditional to digital exchange
SIX’s Digital Exchange will launch in the first quarter of 2019. The platform will provide cryptocurrency users with a secure trading environment. The platform will also power “tokenization of existing securities and non-bankable assets” to legitimize untradeable assets.
SIX is in consultation with the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss national Bank (SNB) to create legislation that will allow all SIX’s legal trading entities to operate within its single digital trading platform.
When the digital platform launches, SIX’s existing users in their traditional stock exchange platform can transition at will to the Digital Exchange Platform.