Japanese holding SBI Group is ready to finance two affiliates of the German Boerse Stuttgart Group. The companies are looking to create a single digital market in Europe and Asia.
Boerse Stuttgart announced it has started a collaboration with the Japanese SBI Group. The companies will unite efforts to build a blockchain-based digital asset ecosystem in Europe and Asia. Thus, the companies will cooperate in the field of mutual emission and storage of digital assets.
Accordingly, within this partnership, SBI plans to financially support the Boerse Stuttgart digital exchange and Boerse Stuttgart Digital Ventures. And these two subdivisions of Boerse Stuttgart work in the digital asset sphere. So far, the company hasn’t disclosed the sum of the agreement.
The first global custodial service
Yoshitaka Kitao, the president and representative director of SBI Holding, said that SBI’s main priority is to find a trustworthy global financial partner. And the mutual aim is building a strong financial platform of digital assets. He adds, “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, to well-establish the actual demands of the digital asset throughout the world.”
Concurrently, Boerse Stuttgart Group explains that Asia and Europe are very rapidly developing their digital markets. The partnership will provide knowledge exchange, mutual insurance, and listing of digital assets. The aim is to form a global custodial service.
SBI has become an active player in the crypto space since 2016 when it partnered with Ripple. Together, they released a blockchain-based payment service for Japan. Earlier SBI launched its own trading platform VC Trade.
In the latest financial report, SBI said its trading profit went up by 19% in 2019 thanks to the investments in the company’s cryptocurrency services.