Japan based financial service provider SBI has joined hands with Germany’s stock exchange operator Boerse Stuttgart Group to foster crypto asset adoption.
In particular, SBI will pool in a concealed amount in two crypto currency focused affiliates of the second largest exchange operator, namely Boerse Stuttgart Digital Exchange (BSDEX) and Boerse Stuttgart Digital Ventures.
BSDEX is a fresh crypto exchange endeavor rolled out Boerse Stuttgart Group in September 2019, while Boerse Stuttgart Digital Ventures is the holding company of Sowa Labs, a company that created crypto trading app Bison.
As per an official announcement from SBI, the financial giant has collaborated with Boerse Stuttgart Group to jointly develop a blockchain powered crypto asset financial network and encourage adoption of crypto assets in Europe and Asia.
Yoshitaka Kitao, president and representative director of SBI holdings, stated that with a view to establish a financial ecosystem for crypto assets, the “top priority” for SBI is to find a reliable global financial associate.
“We will work with the Boerse Stuttgart Group in the digital asset-related business of the SBI Group and other businesses to create digital asset demand worldwide.”
Alexander Hoeptner, CEO of Boerse Stuttgart, underlined that the partnership will involve sharing of technology and also the reciprocal issuance and custody of crypto assets. Hoeptner further stated that crypto markets in Asia and Europe continue to grow at record pace.
SBI has surfaced as a key crypto cordial financial institution as the company turned out to be a dynamic associate of Ripple via their partnership SBI Ripple Asia in 2016. SBI is also operating several crypto asset focused businesses such as crypto mining SBI Crypto and SBI VC Trade, which runs a crypto asset exchange.
A financial report published in late October indicated that trading revenue of SBI Securities rose 19% in 2019, led by the crypto investment division of the company.