According to Cointelegraph reported on December 20, Japanese financial services giant SBI cooperated with Stuttgart Group, Germany's second largest stock exchange, to jointly promote the adoption of digital assets.
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SBI will invest in two digital assets subsidiaries of the Stuttgart Group, the Stuttgart Digital Exchange (BSDEX) and the Stuttgart Digital Ventures (Boerse Stuttgart Digital Ventures), but no specific amount has been disclosed.
BSDEX is a cryptocurrency trading platform launched by the Stuttgart Group in September 2019. Stuttgart Digital Ventures is the parent company of Sowa Labs, which develops the crypto trading application Bison.
"Creating Global Digital Asset Demand"
According to an official statement from SBI, the group has partnered with the Stuttgart Group to jointly build a blockchain-based digital asset financial ecosystem and increase demand for digital assets in Europe and Asia.
Yoshitaka Kitao, president and representative director of SBI Holdings, said that in order to build a digital asset financial ecosystem, SBI's "urgent priority" is to find a trusted global partner. He said:
We will cooperate with the German Stuttgart Group in the field of digital assets to create digital asset demand worldwide.
Issuing and hosting digital assets
Alexander Hoeptner, chief executive officer of the Stuttgart Stock Exchange, made it clear that the cooperation between the two parties involves not only technical exchanges, but also joint issuance and custody of digital assets. According to the official announcement, in terms of digital assets, Asian and European markets are growing fastest.
SBI has always been an important crypto-friendly financial institution. In 2016, it established Ripple Asia, a joint venture with Ripple, and became an active partner of Ripple. In addition, SBI also operates many other digital asset businesses, including SBI Crypto, which is responsible for cryptocurrency mining, and SBI VC Trade, which operates crypto asset trading.
In a financial report released at the end of October, SBI Securities stated that its trading revenue increased by 19% in 2019, mainly from the newly incorporated cryptocurrency investment division.