Deutsche Börse Group, the owner of the largest German stock exchange, the Frankfurt Stock Exchange, plans expansion into the global crypto markets as it has finalized the acquisition of Switzerland-based Crypto Finance AG.
Crypto Finance is a provider of trading, storage, and investment in digital assets services to institutional and professional clients. No further details about the acquisition of a majority stake, which was finalized on December 15, were provided.
“The acquisition lays the foundation for building an independent, transparent, and highly scalable ecosystem for digital assets under European regulation. Deutsche Börse will now be able to provide its partners and clients with direct and easy access to digital asset services, including post-trade services,” the company said in a statement.
They added that Crypto Finance will benefit from the takeover, leveraging the access to Deutsche Börse’s client and infrastructure network, and also its capital base.
“Expansion of the customer base will be intensified, with a focus on Germany in Europe, and Singapore in Asia,” according to the statement.
Eric Leupold, Head of Cash Market at Deutsche Börse, commented that, owing “to Crypto Finance’s proven expertise and the technologies they have developed, we can now enable financial institutions and professional investors to enter the digital asset market. This is a step further in our digital asset strategy.”
Last June, amid an intensification in German legacy finance’s entry into crypto, Deutsche Börse Group signed an agreement to acquire the stake in Crypto Finance. Back then, a spokesperson for Deutsche Börse Group told reporters that the takeover contributed to the company’s objective of “building a fully regulated ecosystem for digital assets for institutional and professional investors in Europe”.