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Stuttgart Stock Exchange Unit Secures BaFin License for Crypto Custody
Among the institutions it expects to make use of this offering are banks, brokers, asset managers and family offices.
Updated May 9, 2023, 4:11 a.m. Published Mar 30, 2023, 10:17 a.m.
Blocknox, a part of Boerse Stuttgart's digital unit, has received the final license as a crypto custodian from Germany's financial regulator, BaFin.
The license means Boerse Stuttgart Digital will be able to provide institutional investors with services for trading crypto as well as fiduciary custody, Germany's second-largest stock exchange said in an email Thursday. Among the institutions it expects to make use of the offering are banks, brokers, asset managers and family offices.
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BaFin licensing will allow the exchange to offer a "one-stop shop that's fully regulated in Germany for brokerage, trading and custody of digital assets," Matthias Voelkel, CEO of the exchange, said in the email.
Boerse Stuttgart, which is the sixth-largest stock exchange in Europe and which ranks behind the Frankfurt exchange in Germany, has been venturing into crypto services for several years. It unveiled a crypto trading app, Bison, in 2018, reporting that it reached trading volume of over $2.4 billion in 2021. The company didn't immediately respond to a request for a more recent figure.
Read more: Deutsche Bank in Talks to Invest in 2 German Crypto Firms: Bloomberg
UPDATE (March 30, 11:19 UTC): Replaces Bison's 2020 trading volume with that in 2021 in last paragraph
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