Stuttgart Stock Exchange Launches Crypto Asset Storage Service for Institutional Investors

Blocknox, a subsidiary of the Stuttgart Stock Exchange, began providing cryptocurrency storage services forinstitutional investors.

According to the exchange's statement, Blocknox has alreadyprovides storage of crypto assets under "escrow terms" and has made the service available to users of the Stuttgart Stock Exchange's BISON app and its digital asset exchange BSDEX, launched last September.

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.

"As a pioneer in this field in Germany,Blocknox has been operating as a cryptocurrency custodian for over a year now,” — said Blocknox Managing Director Ulli Spankowski. “Now we want institutional clients to benefit from our expertise. They can use Blocknox's secure storage as a base for their digital asset services.”

The company has already created and implemented a “multi-levelsecurity concept" to protect assets in its custody. With new regulations for cryptocurrency services introduced in Germany in early January, Blocknox said 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.

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