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In a press release on Tuesday, major German stock exchange, Deutsche Börse AG, announced it had bought a majority stake in Swiss based fintech company, Crypto Finance Group.
Although Deutsche Börse did not provide a lot of information about the transaction, the stock exchange said it spent within a “moderate three-digit CHF million range“. This effectively makes the company a two-thirds majority stake holder in the Swiss company.
Deutsche Börse, already one of the largest stock exchanges in Europe, considers the acquisition necessary to expand the scope of its digital assets’ offerings. The exchange wants to enable direct entry points for its institutional and professional clients. This will also custody services.
The press release described the stock exchange’s vision:
“The acquisition is an important step on Deutsche Börse’s way to building a trusted and fully regulated digital asset ecosystem in Europe.”
The Crypto Finance Group holds a license with the Swiss Financial Market Supervisory Authority (FINMA) and is an experienced broker. It offers trading of a wide variety of digital assets and also crypto custody solutions.
Executive Board member for Trading & Clearing at Deutsche Börse, Thomas Book, confirmed the acquisition and said:
“Digital assets will transform the financial industry. There is increasing demand from established financial institutions who are looking to become active in this new asset class and want a trusted partner.”
“The team is an ideal strategic fit and will help us tremendously on our way to building a trusted and fully regulated digital asset ecosystem for institutional investors in Europe.”
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Author: Peter Siu