Japanese financial giant SBI teamed up with Germany's second largest stock exchange, hoping to "create global digital asset demand"

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.

hands-1063442_960_720.webp

(Source: Pixabay )

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Exchange pushes Singapore into compliance

Text: 嚯 嚯 Source: Hive Finance On March 27, the Singapore Financial Regulatory Authority (MAS) official...

Blockchain

FCoin thunders, Zhang Jian confesses that over 900 million yuan cannot be paid, and foreign exchanges have significant financial risks

Source: Finance and Economics · Chain Finance Author: Chen At about 6 pm on February 17, Zhang Jian, the founder...

Blockchain

Data decreased slightly, rumors triggered a single-day net outflow of Binance

From the data of the past week (02.17-02.23), compared with the previous week (02.10-02.16), all the data have slight...

Blockchain

User information is not guaranteed? UK Customs and Excise Department asks cryptocurrency exchanges for transaction data

According to Coindesk's August 7 report, the UK tax authority, the HMRC, is putting pressure on cryptocurrency e...

Blockchain

Exchange 5 hotspot tracking: The relationship between platform currency and IEO is like stocks and futures

On April 26th, an online conversation on the theme of “Exchange Hotspot Tracking” was held on TokenClub...

Blockchain

Crazy currency contract: leverage up to 125 times, and overnight positions of 2 billion US dollars

Text: Ratchet Source: A blockchain 100 times leverage, 125 times leverage … More and more players in the curren...