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

Market

FTX's approval for liquidating $3.4 billion worth of tokens this week, what impact will it have on the market?

FTX may obtain court approval for asset liquidation on September 13th. Under the pressure of 3.4 billion sell-off, th...

Policy

Sam “SBF” Bankman-Fried Faces the Fury of the Court (with a Twist of Humor)

Sam Bankman-Fried, the ex-CEO of FTX, took the stand in a New York court and testified about communication and custom...

Blockchain

I left the project side and went to the exchange.

In the first article of "Industry Reflection", we briefly reviewed the secondary market conditions of the f...

Opinion

What happened during the first week of the SBF case in a comprehensive article?

In the first week of the trial, SBF found itself in a difficult situation with almost all the testimonies and public ...

Blockchain

The Bitcoin exchange is very hot, but the soil of the economics is very thin.

According to the coinmarketcap market data, the trading volume of Bitcoin in the past month exceeded the intra-month ...

Market

Multiple macroeconomic negative factors have hit the market, causing Bitcoin to drop below 26,000 US dollars in the short term.

24-hour bitcoin price analysis chart shows that bitcoin is in a strong downtrend, with bears dominating the market.