Enter the crypto asset service! Deutsche Börse acquires Crypto Finance, a start-up company

Time:2021-03-24 Source: 3917 views Trending Copy share

The major German stock exchange Deutsche Börse Group said on Thursday that it has completed the acquisition of a majority stake in the Swiss startup financial technology company Crypto Finance, becoming one of the latest traditional financial trading institutions to enter the field of encrypted assets.

Crypto Finance, established in 2017, specializes in services involving blockchain technology, providing institutional investors and qualified investors with more than 200 types of crypto assets trading, management, brokerage, custody and investment tools, and is subject to the supervision of the Swiss financial market Supervision by the Authority (FINMA).

Through the acquisition of Crypto Finance, Deutsche Börse Group will master the way to directly invest in encrypted assets and can provide customers with post-transaction services such as cryptocurrency custody. The deal was announced in June this year, when the Deutsche Börse Group stated that it would pay more than US$108.6 million to acquire approximately two-thirds of the equity in Crypto Finance.

According to a statement from the Deutsche Börse Group, Crypto Finance co-founder and CEO Jan Brzezek and his team will continue to be responsible for the operation of this startup and retain a large number of shares. Crypto Finance will continue to exist as an independent brand, with banks, asset managers, financial technology companies and other financial intermediaries as its core customers.

Eric Leupold, head of cash market at Deutsche Börse Group, said: Crypto Finance's recognized expertise and technology, we are now able to allow financial institutions and professional investors to enter the digital asset market. This is a further step in our digital asset strategy.

Deutsche Börse Group and Commerzbank invested in the financial technology company 360X only in October this year. Deutsche Börse Group expects to use this transaction to establish a blockchain-based digital market and trade artworks and real estate.

According to a report from "CryptoPotato", a number of German financial institutions are stepping into crypto asset trading one after another. Following the announcement by the German Savings Bank Association Sparkasse that it will launch an encrypted wallet next year, Commerzbank and Volksbank are also planning similar services.

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