Japanese financial services giant SBI Group and German stock exchange operator Boerse Stuttgart Group have joined hands to expand their cryptocurrency-related businesses across Asia and Europe.
As part of the partnership, SBI will invest in Boerse Stuttgart’s regulated cryptocurrency trading platform, Boerse Stuttgart Digital Exchange, according to an announcement Friday. The two firms did not disclose an investment amount.
SBI also plans to invest in Boerse Stuttgart’s venture arm, which conducts crypto-related businesses. For instance, its Sowa Labs subsidiary has developed the cryptocurrency trading app BISON, while its other unit Blocknox is a custodian for digital assets.
“Asia and Europe are the fastest growing markets for digital assets at the moment,” said Alexander Hoptner, chairman of the management board at Boerse Stuttgart. He added that the SBI partnership will allow them to collaborate on various initiatives, including “the cross issuance and listing of digital assets, trading and brokerage.”
The SBI Group has been active in the crypto space since early 2016. It operates crypto exchange SBI VC Trade, crypto mining firm SBI Crypto and crypto-miner manufacturing unit SBI Mining Chip. It also invests in crypto and blockchain startups via SBI Crypto Investment.
The SBI Group also has a partnership with Ripple and they jointly offer a blockchain-based payments app called MoneyTap.