In order to strengthen the legitimacy of the digital assets area and promote financial innovations, Swisscom and the four banks Seba, Swissquote, Sygnum and Vontobel have jointly launched the Swiss Institutional Digital Asset Reference Rate (SIDAR), according to Computer World.
During a two-week test period, the partners carried out daily fixings for Bitcoin and Ether. The banks acted as data providers and Swisscom as the calculation center.
“Switzerland has one of the world’s most advanced ecosystems for digital assets and is therefore the ideal candidate for introducing benchmarks for digital assets at an institutional level,” says Aetienne Sardon from Swisscom FinTech.
In contrast to previous price sources for digital assets, according to the initiators, the SIDAR is based exclusively on data from regulated banks and financial institutions.
In addition, the SIDAR serves as a market indicator that reflects the interest and activity of the market for digital assets among regulated participants, according to a press release. After the successful completion of the pilot project, according to its own offer, Swisscom is now examining a possible commercial introduction together with the project partners.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
