3 other executives leave the Swiss stock market for a 100 million dollar blockchain project

Three executives left SDX, the blockchain-based digital asset buying and selling site owned by Swiss stock-changing operator SIX Group, as the 12 months started, with two founders.

Ivo Sauter, SDX purchasing and merchandise manager, and Sven Roth, its digital director, each left their full-time position in January. Roth will proceed as outside adviser to SDX, said a spokesperson for SIX. Each joined the personal financial institution Falcon in 2018.

Alex Zinder, a structure manager at SDX, had worked for 12 months in the past and was based primarily in New York, also left this month, said the SIX spokesperson.

Sauter and Roth helped throw inspiration for the SDX challenge with former CEO Martin Halblaub, who left the last hour of summer.

The stories right now that the Halblaubs' resignation has reached strategic variations have been confirmed by Sauter.

I think the most important factor for me was the imaginative and premonitory change, explained Sauter CoinDesk. Primarily, this was due to the fact that the parent company took more and more effect on SDX. I consider that with an innovation challenge like SDX, there must be a bit of separation from the massive mom.

These comings and goings observe the delay in the start-up date of summer time 2019 at the end of 2020 for SDX, which was an expensive undertaking for SIX, based in Zurich. A learner familiar with the challenge said that the price of the SDX has so far reached nearly $ 100 million.

To put things into perspective, SIX Group achieved sales of around $ 41 million in 2018, according to its final annual report. SDX has approximately 50 employees, compared to 3,000 across the SIX Group.

We are building something from scratch, said the SIX spokesperson, recognizing the challenges. It was not finished sooner than expected and, after all, there are ups and downs. And it is not cheap. We have already spent a lot of Swiss francs there.

Jumping said he had left good sentences and was glad he had the opportunity to finish the job, but said increasing misalignment meant he hadn't no need to renew your contract.

It just wasn't my imagination and my premonitions, he said. Believing that this skill simply wants to trade the previous world one for one, I don't suppose you want the blockchain for that.

SDX's goals have become more and more for banks and only for banks, said Sauter.

The only thought, he said, was to start with the banks as a springboard and slowly try to expand the circle. So, in fact, using this know-how to allow, for example, different startups to supply companies.

In addition to a change in the way the know-how should be applied, developing in the direction of an additional business tradition has also proven to be expensive, said Sauter.

Obviously, apart from the know-how, if you get extra from a big business method, you have a much higher overhead in terms of reporting, in terms of participating in the hazards, in terms of concerns all departments of the business that need to have an additional report, he said.

Since Halblaubs' departure in August 2019, SDX has been overseen by the interim CEO, Tomas Kindler, who was to take the reins.

Nevertheless, Kindler has expressed a desire to take a higher place in the main change group, said a spokesperson for SIX.

Its resolution revolves around the deliberate integration of Bolsas y Mercados Espaoles (BME), the Spanish stock change that SIX offers.

Kindler's resolution has nothing to do with SDX and where it is currently located. He is a connoisseur of the aftermarket and sees that its high quality is particularly present, and in particular in the context of the operation that we are currently carrying out in Spain – or intend to do – to combine their business in ours, said the spokesperson.

Regarding the CEO position at SDX, there is now a brief record of three candidates to support, said the spokesperson.

A choice can be made in the coming weeks if everything goes as it should, he said.