SBI to Invest in Boerse Stuttgart Group’s Crypto Subsidiaries

The amount involved is not disclosed by the conglomerate.

Japanese financial giant SBI Holdings on Friday announced its plans to invest in two digital asset-focused subsidiaries of Boerse Stuttgart Group – Boerse Stuttgart Digital Exchange GmbH and Boerse Stuttgart Digital Ventures GmbH.

Both companies have a strong grip on the digital asset businesses in Germany and other parts of Europe, which will help the Asian giant grow its digital asset ecosystem. The partnership between SBI and Boerse Stuttgart Group will also extend to Asia, including Japan, the announcement detailed.

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Mentioning the investment, Yoshitaka Kitao, president and representative director of SBI holdings, said: “Given that the digital asset has the characteristic of decentralized value, the highest priority upon establishing our digital asset ecosystem is to find trustable financial partners globally.”

“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.”

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Boerse Stuttgart Digital Exchange GmbH is a joint venture between Boerse Stuttgart GmbH, Axel Springer SE, and finanzen.net GmbH, and operates Boerse Stuttgart Digital Exchange (BSDEX).

Boerse Stuttgart Digital Ventures GmbH, on the other hand, is the digitization strategy of the group and its subsidiaries developed the cryptocurrency trading app BISON and digital asset custodian platform blocknox GmbH.

The Japanese conglomerate dived into the digital asset business in early 2016 and became one of the major players in the region. It also formed joint ventures with both Ripple and R3 to promote cross-border payments using digital currency and blockchain-based enterprise solutions in the region.

“Asia and Europe are the fastest-growing markets for digital assets at the moment. With the SBI Group, we have found an ideal partner to push forward our vision of a highly efficient, global ecosystem along the value chain of digital assets,” Alexander Höptner, chairman of the management board of Boerse Stuttgart GmbH, added.

“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 first global custody bridge.”

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