Blockchain Inheritance Startup PassOn Sells Stake To Swiss Stock Exchange Operator

Blockchain, Investing, News | October 15, 2018 By:

SIX Group, operator of the SIX Swiss Exchange, has taken a minority stake in Zug-based blockchain startup PassOn.

SIX is a financial service provider that operates the infrastructure of Switzerland’s financial center. It develops and maintains securities trading and post-trading platforms, provides financial information and sells cashless payment systems. It is owned by around 130 national and international banks in Switzerland that are also the main users of its services. In July of this year, the company announced plans to create the SIX Digital Exchange (SDX), a fully integrated, blcokchain-based end-to-end trading, settlement and custody platform for cryptocurrencies.

Founded in 2017, PassOn is developing a blockchain platform aimed at bringing inheritance into the digital age and at making it accessible to everyone in the simplest and most efficient way. It will allow people all over the world to set up policies and pass on their digital assets to any configuration of beneficiaries they have chosen, once
a given event occurs.

SIX said the undisclosed investment in PassOn is part of its strategy to build a new ecosystem for the digital space. In parallel, the companies will explore how to use SDX offerings, such as listing or secure storage of the PassOn token to leverage the SIX digital ecosystem.

“The challenge in the digital asset space is to ensure clean, transparent and legally binding title to the assets between parties,” said Valerio Roncone, Head Product Management & Business Development, Securities & Exchanges at SIX. “This requirement is identical for counterparties who are exchanging assets whether they are living or deceased. The Distributed Ledger-based solution developed by PassOn will help enable such asset transfer seamlessly.”

Stephan Wippermann, CEO of PassOn, said that just as the Internet has transformed the way we access information, blockchains will transform the way we account for, store and exchange information and ultimately how digital assets can be inherited.

“The road ahead is paved with legal and technological challenges,” Wippermann said. “We are delighted to have SIX on our side bringing profound experience working with both the government and regulators to define trustworthy standards.”

The SIX Digital Exchange is set to go live by the summer of 2019, with a minimum set of services and products. SIX said it is currently in talks with the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB) to set up a regulatory framework that will allow the whole trading chain to take place within a single platform.