SBI Group, a major financial services company in Japan, and German stock exchange operator Boerse Stuttgart Group have collaborated to develop a cryptocurrency trading platform as well as other crypto-related businesses with investment from SBI Group.
According to an announcement Friday, SBI will invest in Boerse Stuttgart Digital Exchange, the cryptocurrency trading platform regulated by Boerse Stuttgart. The investment amount remains unknown.
SBI will also invest in crypto-related businesses operated by the German stock exchange’s venture arm, including Sowa Labs, which has developed the cryptocurrency trading app BISON and digital assets custodian Blocknox.
Alexander Hoptner, chairman of the management board at Boerse Stuttgart, commented on the partnership between the Japanese financial services giant and Boerse Stuttgart.
“Asia and Europe are the fastest growing markets for digital assets at the moment,” Hoptner said. According to him, the two companies plan to expand their collaboration to various digital initiatives, including “the cross issuance and listing of digital assets, trading and brokerage.”
Since early 2016, SBI has invested in crypto and blockchain businesses via SBI Crypto Investment. The company’s current crypto-related businesses include crypto exchange SBI VC Trade, crypto mining firm SBI Crypto, and crypto-miner manufacturing unit SBI Mining Chip.
Blockchain money transfer app MoneyTap jointly developed by SBI and Ripple was launched in 2018. Based on Ripple’s xCurrent payments product, the app allows users to send funds to others in real-time using just their phone numbers or a QR code.
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