Switzerland’s main stock exchange, SIX Swiss Exchange, and Japanese financial giant SBI Holdings have announced a cryptocurrency joint venture.

According to a December 8 Announcement, the firms’ digital asset-related subsidiaries, SIX Digital Exchange and SBI Digital Asset Holdings, are launching a new platform in Singapore.

The company focuses on regulated institutional clients and implements technologies and market expertise from both SBI and SIX. The platform will encompass a wide range of services such as issuance, listing, trading, CSD infrastructure and custody of digital assets and cryptocurrencies as well as regulated digital assets.

The platform is expected to be launched by 2022, subject to approval by the Monetary Authority of Singapore, the main city-state financial regulator and de facto central bank.

Yoshitaka Kitao, the CEO of SBI Group and Chairman of SBI Digital Asset Holdings, said the new company is expected to “create a powerful institutional corridor between Europe and Asia.”

“This is an important step in building the necessary global infrastructure for broad institutional adoption of digital assets,” said Kitao.

Thomas Zeeb, Chairman of SIX Digital Exchange, said, “SBI Group is a natural partner for SIX, given their strong position in Asia and their commitment to growing institutional digital asset markets.”

Both SIX and SBI have been actively involved in digital asset markets around the world.

SBI runs its own crypto company through its dedicated subsidiary SBI VC Trade. In October 2020, SBI’s foreign exchange and derivatives arm SBI Liquidity Market has also acquired TaoTao, a crypto exchange in which Yahoo Japan’s YJFX once held a 40% share.

SBI is one important partner of Ripple, implementing financial products based on XRP, one of the largest cryptocurrencies by market capitalization.

SIX Swiss Exchange, owned by SIX Group, is one of the world’s largest stock exchanges. The company is known for several lists of major exchange-traded crypto products such as Bitcoin Capital Active ETP.