SBI has partnered with Boerse Stuttgart Group to promote the adoption of digital assets

By Selena 12/20/19 8:38 PM

To promote the adoption of digital assets, SBI has partnered with Germany’s second-largest securities group, Boerse Stuttgart Group. Through this partnership, SBI will invest in two subsidiaries focusing on digital assets of the Boerse Stuttgart Group. They are Boerse Stuttgart (BSDEX) and Boerse Stuttgart Digital Ventures.

Boerse Stuttgart Group officially encroached into crypto via partnered with SBI

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

According to the official announcement from SBI, the group has partnered with Boerse Stuttgart Group to build a Blockchain-based digital financial ecosystem jointly. From there, they will create the foundation to boost the demand for digital assets in European and Asian markets.

Yoshitaka Kitao, president and representative director of SBI holdings, said:

“To enable the financial ecosystem for digital assets, the top priority for SBI is to find a reliable global financial partner. We will partner with Boerse Stuttgart Group in “SBI Group’s businesses and digital businesses are involved in the creation of digital assets around the world.”

Yoshitaka Kitao, president and representative director of SBI holdings (Image via SBIGroup)

Cooperative companies issue each other and deposit digital assets

Referring to the new partnership, Boerse Stuttgart chief executive, Alexander Hoeptner, said:

“The newly formed organization will include technology exchange as well as the release and deposit of digital assets. Asian and European markets are the fastest-growing markets for digital assets.”

SBI has long been known as a 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 operating. It also operates several digital asset-driven businesses, including SBI Crypto mining and SBI VC Trade, an SBI branch that operates cryptocurrency asset exchanges.

In a recent financial report released at the end of October, SBI Securities said the company’s trading revenue increased by 19% in 2019, mainly due to the inclusion of its cryptocurrency investment wing.