Crypto custody services for institutional investors

Since the new cryptocurrency legislation in Germany came into force, financial institutions have been preparing to offer cryptocurrency custody services. Among them are Boerse Stuttgart, the second largest stock exchange in the country. The company has announced that it has obtained a provisional license from BaFin and is preparing to offer crypto custody services to institutional investors.

These will be provided through Blocknox, a subsidiary of Boerse Stuttgart Digital Ventures:

“With regard to the new regulation of crypto custody services in Germany from January 1, 2020, Blocknox has already announced its intention to the supervisory authorities to apply for the required license,”

explained Ulli Spankowski, Blocknox CEO.

“We welcome the regulation of keeping crypto assets as a reasonable step towards further professionalization of the industry. Due to the new legislation, more institutional players may enter the cryptocurrency market. “

Crypto custody services for institutional investors

Blocknox’s crypto custody service was created in late January 2019 for BISON users, a crypto exchange application powered by Boerse Stuttgart. This service was expanded at the end of September 2019 to Boerse Stuttgart Digital Exchange (BSDEX) users, the digital Boerse Stuttgart asset trading platform.

Boerse Stuttgart also announced in December that it has partnered with Japanese financial services giant SBI Holdings to expand the crypto services of both companies in Asia and Europe. SBI has several operations in Japan, including regulated crypto exchange.

BISON currently supports the purchase and sale of BTC, ETH, LTC and XRP. To use this application you need a German bank account. Recently, the company announced that the app now has around 81,000 active users.