A Pre-ICO start-up, PassOn AG, has sold its minority stake to SIX, a company which owns and handles the Swiss Stock Exchange. The start-up sold its stakes as a part of their plan to build a digital asset custody ecosystem.
In July, SIX announced that it is all set to launch a fully integrated settlement, trading and custody infrastructure, SIX Digital exchange (SDX) to represent the opportunities in the digital sector.
The Swiss stock exchange today made an announcement that it has taken a minority stake in the PassOn AG. The firm further announced that it would be operating in parallel with the start-up to oversee the listing of the PassOn token and to offer a safe and secure storage for the PassOn Wallet.
The Promising Aspects of PassOn AG
Many cryptocurrency holders do not bother about considering what will happen to their digital assets at the time of death or incapacity. But it’s not the case with PassOn AG. Owing to it innovative inheritance mechanism and planning solution, it has the potential to enable both digital and traditional assets of individuals to pass on to their next generations.
Valerio Roncone, the Head of Product Management & Development at SIX said: “the challenge in the digital asset space is to ensure clean, transparent and legally binding title to the assets between parties.”
He further stated that this need is identical for holders who are exchanging digital assets whether they are deceased or living. The Distributed Ledger-related solution which is built by PassOn will aid them to enable such asset transfers easily.
Developing the Digital Era
As a part of the investment in the start-up, Roncone will become a Board member at PassOn AG. According to the CEO of PassOn AG, Stephan Wippermann, they aim to strengthen the evolving smart contracts and blockchain technologies to drive inheritance into the digital era.
He concludes by stating that “We are preparing our ICO to fund the development of our digital estate planning and inheritance platform. In parallel, we will explore how to use SDX offerings such as listing or secure storage of the PassOn token to leverage the SIX digital ecosystems.”