Financial giants Boerse Stuttgart and SBI Holdings are now partners in crypto

Boerse Stuttgart Group (BSG), the operator of Germany’s second largest stock exchange and the Japanese financial giant SBI group they collaborated to create an “end-to-end global ecosystem for digital assets”.

In addition, 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 giving details of the deal.

Alexander Höptner, chairman of the board of directors of Boerse Stuttgart , said that in addition to the exchange of knowledge and technology, possible areas of collaboration include cross-issuing and listing digital assets, trading and brokerage, as well as creating the global custody bridge.

“The SBI group, including its crypto asset trading platform and other related operating companies, will take full advantage of the collaboration with the Boerse Stuttgart group to establish the effective needs of digital assets worldwide,” said Yoshitaka Kitao. , President of SBI Holdings, and member of the board of directors of Ripple (XRP), a blockchain company focused on payment technologies.

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

“The next step is to create a primary market platform that will allow companies to issue digital tokens, for corporate financing or to represent rights and assets, for example,” he told Cryptonews.com Dirk Sturz, CEO of Boerse Stuttgart Digital Exchange, adding that BSDEX will be open to investors in other European Union countries in the near future.

BSDEX, is a joint venture of Boerse Stuttgart, Axel Springer , a major European publishing house, and finanzen.net , the financial news site owned by Axel Springer.

Boerse Stuttgart Digital Ventures leads BSG’s digitization strategy. Its branches are Sowa Labs GmbH , who developed the crypto trading app Bison is blocknox GmbH , custodian of digital assets.

Meanwhile, SBI has also been active in the cryptocurrency and blockchain industry since 2016. This week it was announced that SBI has entered into an agreement with OneConnect , part of the Chinese insurance giant Ping An Group . The companies have decided to launch a newly established company in Japan, with the aim of revitalizing smaller and regional Japanese banks using blockchain technology and fintech solutions.

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In addition, SBI is considering issuing XRP tokens as shareholder rewards for the entire company.

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