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

Policy

🚀 FTX Claims Reach for the Sky: AI Investments Boost Recovery Potential

FTX's investment in AI companies has significantly increased their potential recovery during their bankruptcy procedu...

Blockchain

Bitcoin for $0.32, they dreamed back to 2009 today

On August 23, 2019, the history of cryptocurrencies may remember this day. In the normal market price of Bitcoin was ...

News

The currency circle "剿匪": the fund is checked, the exchange is full, and the "catch" has just begun.

Text | Pizza Recently, the People’s Daily, Xinhua News Agency, CCTV and other authoritative media have focused...

Blockchain

How to establish a compliant cryptocurrency exchange following the consecutive lawsuits against Binance and Coinbase?

Let's talk about the SEC's charges against Coinbase, which won't surprise any lawyer practicing in the United States ...

Market

The short-lived boom is hard to sustain, the second major crash after FTX is on its way.

Macro recession, will it make crypto become a safe haven asset, or will it collapse the entire crypto world? Original...

Blockchain

Vicious competition causes frequent DDos attacks on exchanges. What is the cost of the attack?

Source: Financial Network Chain Finance Cryptocurrency exchange Bitfinex tweeted on February 28 that it was suspected...