SBI Partners With Stock Exchange Boerse Stuttgart to Drive Crypto Adoption

Published at: Dec. 20, 2019

Japanese financial services giant SBI has partnered with Germany’s second-largest stock exchange Boerse Stuttgart Group to promote the adoption of digital assets.

Specifically, SBI will invest an undisclosed amount in two digital asset-focused subsidiaries of Boerse Stuttgart Group — Boerse Stuttgart Digital Exchange (BSDEX) and Boerse Stuttgart Digital Ventures, Cointelegraph Japan reports Dec. 20.

BSDEX is a new cryptocurrency exchange venture launched by Boerse Stuttgart Group in September 2019, while Boerse Stuttgart Digital Ventures is the parent company of Sowa Labs, a firm that developed crypto trading app Bison.

SBI and Boerse Stuttgart Group to “create digital asset demand worldwide”

According to an official announcement from SBI, the conglomerate has partnered with Boerse Stuttgart Group to jointly build a blockchain-based digital asset financial ecosystem and promote demand for digital assets in Europe and Asia.

Yoshitaka Kitao, president and representative director of SBI holdings, said that in order to enable a financial ecosystem for digital assets, the “top priority” for SBI is to find a trusted global financial partner. He continued:

“We will work with the Boerse Stuttgart Group in the digital asset-related business of the SBI Group and other businesses to create digital asset demand worldwide.”

Companies to collaborate on mutual issuance and custody of digital assets

Boerse Stuttgart CEO Alexander Hoeptner specified that the newly established cooperation will include the exchange of technology as well as the mutual issuance and custody of digital assets. Hoeptner added that Asia and Europe are the fastest-growing markets in terms of digital assets, the official announcement reads.

SBI has emerged as a major crypto-friendly financial institution since the company became an active partner of Ripple through their joint venture SBI Ripple Asia in 2016. The financial giant is also running a number of digital asset-oriented businesses including its cryptocurrency mining business SBI Crypto and SBI VC Trade, an SBI affiliate that operates a crypto-asset exchange.

In a recent financial report released in late October, SBI Securities said that its trading revenue increased 19% in 2019, mainly due to the inclusion of the company’s crypto investment wing.

Tags
Adoption
Bitcoin
Asia
Cryptocurrencies
Digital Asset
Japan
Stocks
Europe
Germany
Sbi
Related Posts
SBI looking to set up joint crypto ventures with foreign firms
Japanese financial conglomerate SBI Holdings is reportedly planning to set up a joint cryptocurrency venture with foreign financial companies. SBI CEO Yoshitaka Kitao said that the Japanese company is in talks with other financial firms to launch a crypto venture, Reuters reported Monda. The executive said that SBI currently has two potential deals. As part of the initiative, SBI is considering large-scale mergers and acquisitions. Kitao stated that such a deal would be necessary for SBI to maintain its position as a leading financial services company: “To become number one in the world, our choice is buying a leading company …
Adoption / Feb. 15, 2021
US Bitcoin Firm BitGo Launches Two New Crypto Custodies in Europe
Major digital asset financial services firm BitGo is expanding its global reach by setting up two new regulated custodial entities in Europe. BitGo, a United States-based firm that claims to process over 20% of all Bitcoin (BTC) transactions, has established new custodial subsidiaries in Switzerland and Germany, the company announced Feb. 10. As the two new entities are regulated by different financial authorities, BitGo intends to allow its clients to choose the jurisdiction that is best suited to their business. As such, BitGo GmbH, the Swiss entity of BitGo, is a member of the country’s major self-regulatory organization, the Financial …
Bitcoin / Feb. 10, 2020
Report: Major European Derivatives Exchange to Launch Cryptocurrency Futures
Eurex, a Germany-based derivatives exchange operated by Deutsche Boerse, is reportedly planning to launch futures contracts tied to digital assets, financial technologies-focused news outlet The Block reported on Feb. 21. People familiar with the matter reportedly told the Block that Eurex is planning to launch futures contracts tied to such digital currencies as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), having already had meetings with market-making companies to discuss the products. Deutsche Boerse has reportedly been considering the introduction of digital currency futures since December, 2017. A spokesperson for the exchange then said that “we are thinking about futures, with …
Adoption / Feb. 21, 2019
German savings banks want to enable Bitcoin for 50M clients: Report
German savings banks are reportedly planning to allow customers to invest in major digital currencies like Bitcoin (BTC) and Ether (ETH) directly from checking accounts. Savings banks in German-speaking countries, also known as Sparkassen, are working on a pilot to launch an in-house cryptocurrency wallet and exchange next year, local business magazine Capital reported Dec. 13. The pilot project is subject to approval by Sparkasse committees early next year, while the banking association aims to develop related services at the beginning of 2022. An expert group from German IT service provider S-Payment is reportedly designing the concept for the project. …
Adoption / Dec. 14, 2021
ECB president’s anti-crypto comments trigger community responses
The crypto community has fired back at European Central Bank (ECB) President Christine Lagarde for her recent anti-crypto remarks, with people expressing disappointment and even criticizing the euro. As crypto markets show signs of stagnation, Lagarde reminded the world of her stance on cryptocurrencies. According to her, cryptocurrencies are “worth nothing” because the assets are “based on nothing.” Additionally, she expressed concerns for those who invest in crypto and called for regulation. Responding to these comments, the crypto community expressed their sentiments. Sheila Warren, CEO of the Crypto Council for Innovation, wrote that she’s disappointed, but not surprised, to hear …
Adoption / May 26, 2022