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Boerse Stuttgart's blocknox to offer crypto custody services to institutional clients

Tue, 18 Feb 2020, 12:11 pm UTC

German stock exchange Boerse Stuttgart Group has announced that blocknox will start offering crypto custody services to institutional clients such as fintechs, banks and asset managers going forward.

blocknox GmbH, a subsidiary of Boerse Stuttgart Digital Ventures GmbH, was established in Jan. 2019 for the users of the BISON app and later extended to users of Boerse Stuttgart Digital Exchange (BSDEX). It takes care of the custody of cryptocurrencies on an escrow basis.

“As a pioneer in Germany, blocknox has already been operating as a custodian of cryptocurrencies for more than one year. Now we want institutional clients to benefit from our experience and set-up as well. They can use blocknox’s reliable custody as a building block for their own services around digital assets,” says Dr Ulli Spankowski, Managing Director of blocknox GmbH.

In its press release, Boerse Stuttgart said that a multilevel security concept has been developed and implemented at blocknox for the custody of cryptocurrencies.

blocknox has already announced its intent to the supervisory authorities to apply for a regulatory licence as required under the new legal regulation of crypto custody which came into force last month. It plans to submit the final application by the specified deadline to become a regulated financial services provider.

“We welcome the regulation of crypto custody as a reasonable step towards further professionalisation of the industry. Thanks to the new legislation, more institutional players are likely to enter the crypto market. We look forward to supporting them as a custody provider,” added Dr Spankowski.

Just recently, Boerse Stuggart announced that its cryptocurrency trading app, BISON, attracted around 81,000 active users in the first year.

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