Cryptocurrencies, public blockchains and decentralized finance (Defi) have become increasingly prevalent in Switzerland in recent years. Today, they are being embraced by the Swiss stock exchange, with plenty of bitcoin and crypto trading taking place across the board.
SIX, the group that operates the infrastructure for the Swiss financial centre, initially planned to create the SDX Digital Exchange in order to accelerate digital versions of equities and bonds. Using R3 Corda Distributed Ledger Technology (DLT), SDX’s current goal is to obtain regulatory backing in order to begin operating in the second half of 2021.
R3 Corda – a safe, private, members-only DLT system that is also centrally controlled, recently proposed capitalising on certain areas of Defi that currently run on public blockchains but are not controlled by a single entity.
The goal is to encode plug-ins to a number of public blockchains, thus enabling SDX customers to transfer their assets back and forth with ease.
Experts predict that Ethereum-based assets will be far more accessible by the beginning of 2022, just like R3 private blockchain assets currently are.
For some time now, banks and asset managers have been desperate for access to these innovations. Institutional investors have expressed heightened interest in these products and services, particularly in the last six months. This is largely due to the fact that public blockchains are now considered much more accessible.
For this reason, SDX has joined the Enterprise Ethereum Alliance (EEA), a group of esteemed companies and banks investigating potential on the Ethereum blockchain. Ethereum blockchain remains a dominant player in this emergent sector, having laid the foundations of decentralised finance.
The world of digital finance is accelerating at such a rapid pace, and the dominant financial infrastructure must take action in order to remain afloat of this fast-moving sector.
Exchanges such as Binance and FTX are enabling users to trade company shares, while Switzerland’s digital asset trading network is witnessing a rapid expansion.
Shareholders and clients must have access to a range of assets, not necessarily on SDX but certainly on various blockchains. Meanwhile, it is imperative that KYC (Know Your Customer) and AML (Anti-Money Laundering) guidelines are adhered to at all times.
Crypto Recruitment in Switzerland on the Rise
Evidently, the rapid growth of the crypto-asset industry is extremely positive not just for global recruitment, but also for recruitment in Switzerland. Since Crypto Valley began expanding in 2020 beyond the canton of Zug to other parts of Switzerland, many new jobs have been created.
As the crypto and blockchain revolution continues its ascent and Switzerland continues its mission to take a global lead in the sector, employment opportunities continue to grow. In particular, demand for senior recruitment in the sector is on the rise, resulting in an increase in executive jobs in Geneva, Zurich and Lausanne.
In 2020 alone, almost 100 new businesses established a presence in the Swiss Crypto Valley, and the country is home to more than 900 blockchain and cryptocurrency businesses. This has presented many exciting opportunities to tackle this dynamic, high-growth sector – a sector that is constantly adapting and shifting.
If you’re seeking executive search solutions and careers in the crypto sector, AP Executive is here to support you in your job search. Contact our staffing agency today to discuss your cryptocurrency executive search needs.