Financial Giants Boerse Stuttgart and SBI Holdings Are Now Partners in Crypto


Financial Giants Boerse Stuttgart and SBI Holdings Are Now Partners in Crypto 101
Source: iStock/PeopleImages

Boerse Stuttgart Group (BSG), the operator of the second-largest stock exchange in Germany, and Japanese financial giant SBI Group has partnered in order to create a “global end-to-end ecosystem for digital assets.”

Moreover, SBI Holdings will invest in Boerse Stuttgart Digital Exchange GmbH (BSDEX) and plans to invest in Boerse Stuttgart Digital Ventures GmbH, BSG said on Friday, without providing any details about the deal.

Alexander Höptner, Chairman of the Management Board of Boerse Stuttgart, said that besides the exchange of knowledge and technology, possible fields of collaboration include the cross issuance and listing of digital assets, trading and brokerage as well as the creation of the global custody bridge.

“The SBI Group, including its crypto-asset trading platform and other related business operating companies, will fully make use of the collaboration with Boerse Stuttgart Group, to well-establish the actual demands of the digital asset throughout the world,” Yoshitaka Kitao, President of SBI Holdings, who is also a board member of Ripple (XRP), a blockchain company focusing on the payments technologies.

As reported, in September, Boerse Stuttgart launched BSDEX, which is the Germany’s first regulated trading venue for digital assets. While trading on the platform was initially launched for selected users, starting December it is now open to all investors based in Germany.

“The next step is the creation of a primary market platform that will allow companies the issuance of digital tokens, for corporate financing or to represent rights and assets, for instance,” Dirk Sturz, CEO of Boerse Stuttgart Digital Exchange, told back then, adding that BSDEX will be opened for investors in other countries of the European Union in an unspecified future.

BSDEX, is a joint venture of Boerse Stuttgart, Axel Springer, a major European publishing house, and, the finance news website owned by Axel Springer.

Boerse Stuttgart Digital Ventures is leading the digitization strategy of BSG. Its subsidiaries are Sowa Labs GmbH, who has developed the cryptocurrency trading app Bison, and blocknox GmbH, a custodian for digital assets.

Watch the latest reports by Block TV.

Meanwhile, SBI has also been active in the crypto and blockchain industries since 2016. This week, it was announced that SBI has struck a deal with OneConnect, part of the Chinese insurance giant Ping An Group. The companies have agreed to launch a recently formed company in Japan, with the aim of revitalizing smaller, regional Japanese banks using blockchain technology and fintech solutions.

Also, SBI is considering issuing XRP tokens as company-wide shareholder rewards.

In October, the group said that SBI VC Trade and SBI Crypto are both making money for the company. The exchange business has posted pre-tax profits of USD 30 million, with SBI Crypto posting pre-tax profits of USD 2.7 million – despite a 17% decrease in the group’s overall financial performance.

Source link


Please enter your comment!
Please enter your name here