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Deutsche Borse AG, the major German stock exchange operator has acquired a majority stake in Switzerland-based institutional digital asset manager Crypto Finance AG. Although the exact financial details of the deal were not revealed the firm said the amount is “moderate three-digit Swiss francs million range.”
The two-third stake in the crypto asset manager will be finalized by the final quarter of 2021 after all regulatory clearance. The remaining shares of the crypto manager would stay with the existing investors. The German exchange operator deemed the recent acquisition as a major step towards building a compliant crypto ecosystem in Europe. The firm said,
“The acquisition is an important step on Deutsche Börse’s way to building a trusted and fully regulated digital asset ecosystem in Europe,”
Crypto Finance AG is a fully compliant security firm under FINMA and offers crypto custody and brokerage services for over 200 digital assets.
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Jan Brzezek, CEO and founder, of Crypto Finance AG, said:
“From the very beginning, our goal was to fill in the old and new worlds. That’s why we’re excited about team up with a neutral partner like Deutsche Borsa, who brings confidence, reputation, competence, and traditional financial market infrastructure. In combination with our proven competence in crypto assets and the underlying technologies, we will now reach our goals much faster.”
Mainstream Financial Giants Are Building a Compliant Crypto Ecosystem
The biggest hurdle for mainstream crypto adoption is regulatory compliance, but mainstream financial giants, be it in Europe, Britain, or the US are working to clear the hurdle. Earlier today, the world’s largest interdealer broker TP ICP announced it would be launching an institutional crypto trading platform in association with Fidelity and Standard Chartered.
The crypto market cap has reduced by half over the past couple of months, but that hasn’t deterred institutional investors and financial giants from betting big on the crypto ecosystem. It indicates that these financial leaders see a ton of investment potential in cryptocurrencies.
