Both firms revealed this in a press release on Friday stating that the objective of the partnership is to develop a global-end-to-end ecosystem for digital assets and utilizing blockchain technology.
Both firms further revealed that as part of the partnership, Japan’s SBI will buy shares in Boerse Stuttgart’s regulated cryptocurrency trading platform and Boerse Stuttgart Digital Exchange.
Without disclosing the amount of shares, SBI also plans to invest in Boerse Stuttgart’s venture arm, which conducts crypto-related businesses.
Boerse Stuttgart’s Sowa Labs subsidiary developed the cryptocurrency trading app BISON, while its other unit Blocknox is a custodian for digital assets.
Chairman of Boerse Stuttgart’s management board, Alexander Höptner explained that Asia and Europe being the fastest growing market for digital asset, has also facilitated the partnership.
Höptner said in his own words, “Asia and Europe are the fastest-growing markets for digital assets at the moment.
Höptner added that the exchange of knowledge and technology, possible fields of collaboration include the cross issuance and listing of digital assets trading and brokerage as well as the creation of the first global custody bridge.”
It is however believed that through this new partnership, the SBI Group, including its crypto-asset trading platform and other related business operating companies, will fully make use of the collaboration with Boerse Stuttgart Group.
This will help establish the actual demands of the digital asset throughout the world Yoshitaka Kitao, president and representative director of SBI Holdings said.
SBI Group has been active in the crypto space since early 2016, they operates crypto exchange SBI VC Trade, crypto mining firm SBI Crypto and crypto-miner manufacturing unit SBI Mining Chip.
SBI also invests in crypto and blockchain start-ups via SBI Crypto Investment.
The SBI Group also has a partnership with Ripple and they jointly offer a blockchain-based payments app called MoneyTap.
The partnership between both Europe and Asia’s financial institution spells blossom for the global digital asset ecosystem.
It also continues to indicate heavy interest from institutional money in this sector.
These kind of partnership are encouraged to enhance the ongoing adoption of digital assets by mainstream financial incumbents, as the world continue to see the European and Asian crypto markets take massive strides forward.
Germany’s Boerse Stuttgart also already took to Twitter to express their delight in the partnership labeling it as one of their most important news in 2019