PassOn AG from Baar aims to ensure that digital assets are transferred to the correct person following the death of their owner. SIX, the proprietor and operator of the Swiss exchange, has now taken on a minority stake in the startup, announced a statement. It acquired the stake in the pre-ICO (Initial Coin Offering), with the startup company now readying for the ICO.
The acquisition is part of SIX’s strategy to build a digital asset custody system. In July, it announced the launch of the SIX Digital Exchange (SDX), which the new investment will also contribute to.
“The challenge in the digital asset space is to ensure clean, transparent and legally binding title to the assets between parties,” explained Valerio Roncone, Head Product Management & Business Development, Securities & Exchanges at SIX. “The Distributed Ledger-based solution developed by PassOn will help enable such asset transfer seamlessly.”
As part of the investment by SIX, Roncone will become a Board Member of PassOn AG.
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