September 27, 2023

Stuttgart Stock Exchange Launches Crypto Asset Storage Service for Institutional Investors

A subsidiary of the Stuttgart Stock Exchange Blocknox began providing cryptocurrency storage services for institutional investors.

According to the exchange, Blocknox is alreadyprovides storage of crypto assets on “deposit terms” and made the service available to users of the BISON application of the Stuttgart Stock Exchange and its BSDEX digital asset exchange, launched in September last year.

Now the company extends services beyondThe group’s own proposals, and begins to provide services for the storage of cryptocurrency and “other digital assets” for institutional clients, for example, banks and asset managers.

“Being a pioneer in this field in Germany,Blocknox has been operating as a custodian of cryptocurrencies for more than a year, ”said Ulli Spankowski, managing director of Blocknox. “Now we want institutional clients to take advantage of our experience. They can use Blocknox's secure storage as the basis for their digital asset services. ”

The company has already created and implemented a “multi-levelsecurity concept ”to protect assets held by her. In connection with the introduction of new rules for cryptocurrency services in Germany in early January, Blocknox announced that it had informed regulators of its intention to apply for a license.

This allows the company to offer custodialservices on a temporary basis. The company plans to submit a final application before the deadline to become a regulated financial services provider. Spankowski said the new rules are likely to spur the emergence of more institutional investors in the market.