PassOn AG, a Swiss startup for asset transmission and storage on blockchain announced it has sold a minority stake to SIX, which owns and operates Switzerland’s stock exchange. SIX’s investment looks to create a strong basis for developing infrastructure aimed at bringing inheritance on blockchain.
Most cryptocurrency holders have not considered what will happen to their digital assets in the event of incapacity or death. Managing a will and passing on such intangible and secured assets can become very complicated. PassOn AG’s estate planning solution and inheritance mechanism have the potential to become the new way in which assets, both traditional and digital, are passed on to next generations.
“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. We are delighted to have SIX on our side bringing profound experience working with both the government and regulators to define trustworthy standards.”
SIX, which announced back in July the building of a fully integrated trading, settlement and custody infrastructure for digital assets called SDX (SIX Digital Exchange) will be working in parallel with PassOn and examine the listing of the PassOn token and to provide secure storage for the PassOn wallet.
As part of SIX’s investment, Valerio Roncone, Head of Product Management & Business Development, Securities & Exchanges will become a board member of PassOn AG.
“The challenge in the digital asset space is to ensure clean, transparent and legally binding title to the assets between parties. This requirement is identical for counterparties who are exchanging assets whether they are living or deceased. The Distributed Ledger-based solution developed by PassOn AG can help enable such asset transfer seamlessly.”