Ripple Partner SBI Group and Germany’s 2nd Largest Stock Exchange Launch Digital Asset Initiative
Boerse Stuttgart Group, the German stock exchange owner, has partnered up with Japan’s SBI Group in order to jointly expand their business based on digital assets internationally.
The announcement was made in a press release from Friday. The 2 companies said they will function together in Europe and Asia, Japan included, to develop a global end-to-end digital assets system that utilizes the blockchain technology.
SBI to Invest in Boerse Stuttgart Digital Ventures
For the deal to be cemented, SBI Holdings will take a stake in Boerse Stuttgart Digital Exchange trading platform for regulated digital assets. More than this, it has a plan to make an investment in Boerse Stuttgart Digital Ventures, which is a subsidiary of Boerse Stuttgart Group that invests in financial startups with innovative ideas. According to the announcement, the 2 subsidiaries will carry out a type of business that’s based on digital assets in Europe and in Germany. This is what Boerse Stuttgart management board’s chairman, Alexander Höptner had to say about the partnership:
“Asia and Europe are the fastest growing markets for digital assets at the moment. 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.”
SBI Active in the Digital Assets Space for 3 Years
SBI has been present in the digital assets space ever since 2016. It has launched a few payments app while being partnered up with Ripple and VC Trade, a crypto trading platform registered in Japan. Its subsidiaries are SBI Crypto Investments, SBI Crypto and the mining hardware producer, SBI Mining Crypto. SBI Holdings’ representative director and president, Yoshitaka Kitao, had this to say about the collaboration:
“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.”