As a part of the collaboration, SBI will invest in Boerse Stuttgart’s regulated digital currency trading platform, Boerse Stuttgart Digital Exchange, as indicated by an announcement on December 20. The two companies didn’t reveal an investment amount.
SBI likewise intends to invest into Boerse Stuttgart’s venture arm, which operates cryptocurrency-related businesses. For instance, its Sowa Labs subsidiary has created the digital currency trading app BISON, while its other unit Blocknox is a custodian for digital currencies.
“Asia and Europe are the fastest growing markets for digital assets at the moment,” said Boerse Stuttgart’s chairman of the management board, Alexander Hoptner. He further said that the SBI collaboration will enable them to partner on various initiatives, including “the cross issuance and listing of digital assets, trading and brokerage.”
The SBI Group has been active in the cryptocurrency space since early 2016. It operates cryptocurrency exchange SBI VC Trade, cryptocurrency mining company SBI Crypto, and crypto-miner manufacturing unit SBI Mining Chip. It additionally invests in cryptocurrency and blockchain startups by means of SBI Crypto Investment.
The SBI Group additionally has a collaboration with Ripple, and they mutually provide a blockchain-based payments app dubbed MoneyTap.