SBI Group and Axel Springer invest into Germany’s stock exchange Boerse Stuttgart

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Boerse Stuttgart, the second-largest stock exchange from Germany, announced on Friday that it had received two investments from major companies, both of which are strongly committed to its digital business. The firms in question include SBI Group, a financial services company, and Axel Springer, a digital publisher.

The investments will allow the stock exchange to strengthen its digital business, where it already offers crypto trading and custody solutions to its institutional clients. Apart from that, the exchange also offers retail crypto trading via the BISON app, which has been in business since 2019.

Boerse Stuttgart to launch a new digital activities-oriented arm

In addition to being the second-largest exchange in Germany, the exchange is also the sixth-largest in Europe. It stated that it intends to create a new arm, which will organize all of its digital activities. The new arm will be called Boerse Stuttgart Digital, and the exchange did not specify when it might arrive, simply stating that it should be expected at some point in the future.

The exchange’s CEO, Dr. Matthias Voelkel, stated that the exchange and its team are very excited about the new investments, adding that both companies share Boerse Stuttgart’s ambition to grow.

Another executive of the exchange, the Chairman of the Executive Committee Dr. Christian Ricken, also added that the fact that both companies decided to expand their strategic partnership with the Boerse Stuttgart Group underlines their trust in the exchange’s digital business.

Financial firms are getting more involved with cryptocurrencies in Germany

SBI Group’s and Axel Springer’ investments came some two months after the exchange boosted its crypto asset portfolio within the BISON app. Boerse Stuttgart added several new cryptocurrencies, pushing the total number of new coins to 17. This time around, the exchange introduced seven new cryptos, including Algorand (ALGO), Sandbox (SAND), Shiba Inu (SHIB), Aave (AAVE), Decentraland (MANA), Polygon (MATIC), and Dogecoin (DOGE).

The combination of coins is also quite interesting, since two of them are meme-based cryptocurrencies. Memecoins have been blowing up for the last two years, and they have been performing fairly well as of the start of 2023. In fact, the memecoin sector has been increasing in popularity, with DOGE and SHIB still being the two largest meme cryptos. Their addition indicates that the exchange noticed the rise in interest among German investors, as well.

Another statement regarding the move came from Dr. Ulli Spankowski, who serves as both the CEO of BISON and the Chief Digital Officer of Boerse Stuttgart. Spankowski stated that the firm remains strongly committed to offering a safe and reliable trading and storage environment for its users.

Germany-based companies have been going into crypto for a while. For example, in May 2022, a Germany-based online securities broker, FlatexDegiro, decided to expand into crypto trading. It provided initial access to digital asset trading. More importantly, it did so by using Boerse Stuttgart’s BISON app. Apart from FlatexDegiro, the exchange also onboarded one of its subsidiaries, Blocknox.

 

About Ali Raza PRO INVESTOR

Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, Business2Community, BeinCrypto, and more.