Blocknox, a subsidiary of Boerse Stuttgart, one of the largest European stock exchanges, has received approval to operate as a crypto custodian in Germany. The authorization will allow the company to offer custody services for digital assets to institutional investors throughout the Old Continent.
Blocknox, a subsidiary of Boerse Stuttgart, offers crypto custody services under the Bafin license
Boerse Stuttgart, Germany’s second largest stock exchange and one of the largest in Europe, will be able to offer both trading and custody solutions for crypto asset offerings to European banks, brokerages, asset managers and family offices.
Its subsidiary, Blocknox, a division of Boerse Stuttgart Digital, has received a final license to operate as a crypto custodian from the Federal Financial Supervisory Authority of Bundesrepublik (Bafin),Press release
Boerse Stuttgart Digital is the stock market brand for all activities in the cryptocurrency sector. Through this unit, Boerse Stuttgart Group is able to offer its institutional partners various solutions for accessing, trading and storing cryptocurrencies on behalf of their clients. The exchange states:
Already a high six-figure number of end customers are benefiting from superior liquidity today.
According to Matthias Voelkel, CEO of Boerse Stuttgart Group, the license allows the company to become a fully regulated one-stop store for the brokerage, trading and custody of digital assets.” He elaborated, “This makes us the infrastructure partner of choice for banks, brokers, asset managers, and family offices.
Oliver Vins, Managing Director of Boerse Stuttgart Digital and Blocknox, added: “Trust, stability and transparency form the basis for a functioning crypto market. He believes that the Bafin license asserts Boerse Stuttgart’s role as a provider of secure access to the growing digital asset market.
Crypto storage services became legal in Germany in January 2020. Companies wishing to offer them are required to obtain a special permit. In February of the same year, Boerse Stuttgart announced that Blocknox intended to offer such services to institutional investors. The subsidiary applied for regulatory approval and was initially granted provisional status as a regulated financial services provider.
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