SBI Partners With Boerse Stuttgart Group To Promote Adoption Of Digital Assets
SBI Partners With Boerse Stuttgart Group To Promote Adoption Of Digital Assets
December 21, 2019
SBI Partners With Boerse Stuttgart Group To Promote Adoption Of Digital Assets
SBI Partners With Boerse Stuttgart Group To Promote Adoption Of Digital Assets
December 21, 2019

SBI Holdings, a financial services giant of Japan, has partnered with Boerse Stuttgart Group, the second-largest stock exchange of Germany, to promote the adoption of digital assets.

On December 20, it has been reported that SBI will invest an undisclosed amount in two digital asset-focused subsidiaries of Boerse Stuttgart GroupBoerse Stuttgart Digital Exchange (BSDEX) and Boerse Stuttgart Digital Ventures.

However, BSDEX is a new cryptocurrency exchange venture launched by Boerse Stuttgart Group in September 2019, while Boerse Stuttgart Digital Ventures is the parent company of Sowa Labs, a firm that developed crypto trading app Bison.

According to an official announcement from SBI, the conglomerate has partnered with Boerse Stuttgart Group to jointly build a blockchain-based digital asset financial ecosystem and promote demand for digital assets in Europe and Asia.

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Likewise, Yoshitaka Kitao, the President and Representative Director of SBI Holdings, said that in order to enable a financial ecosystem for digital assets, the “top priority” for SBI is to find a trusted global financial partner.

He continued:

“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.”

Similarly, Alexander Hoeptner, the CEO of Boerse Stuttgart, specified that the newly established cooperation will include the exchange of technology as well as the mutual issuance and custody of digital assets. Hoeptner added that Asia and Europe are the fastest-growing markets in terms of digital assets, the official announcement reads.

It has been analyzed that SBI has emerged as a major crypto-friendly financial institution since the company became an active partner of Ripple through its joint venture SBI Ripple Asia in 2016.

The financial giant is also running a number of digital asset-oriented businesses including its cryptocurrency mining business SBI Crypto and SBI VC Trade, an SBI affiliate that operates a crypto-asset exchange.

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Thus, in a recent financial report released in late October this year, SBI Securities said that its trading revenue increased by 19% in 2019, mainly due to the inclusion of the company’s crypto investment wing.

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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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