Boerse Stuttgart, the second-largest stock exchange in Germany and Japan’s financial services company SBI Group have come together to expand crypto services in Europe and Asia. SBI Group has built up its considerable crypto operations over the course of the past few years. On the other hand, Boerse Stuttgart got into the crypto space by launching its crypto trading platform quite recently.
The two companies announced the partnership through individual announcements this past Friday. The companies revealed that the aim of the partnership is to expand the crypto businesses of both. In the official press release, Boerse Stuttgart stated,
Both partners will collaborate in order to create a truly global end-to-end ecosystem for digital assets, utilizing blockchain technology.
As part of the partnership, SBI Group is going to invest in two Boerse Stuttgart subsidiaries that are involved in the crypto space. The subsidiaries in question are Boerse Stuttgart Digital Ventures and Boerse Stuttgart Digital Exchange.
In its statement, the SBI Group stated that the financial services company’s branches are going to “fully make use of the collaboration with Boerse Stuttgart Group to well-establish the actual demands of the digital asset throughout the world.”
Yoshitaka Kitao, who is the President of SBI Holdings, stated that Asia and Europe are now the fast-growing markets with regards to cryptocurrencies. Hence, the collaboration will is aimed at expanding the reach of the two company’s products in the two markets. He added that in addition to sharing knowledge and technology, the two companies would also be involved in cross issuance and listing of cryptocurrencies.