Boerse Stuttgart Digital, the digital assets arm of Boerse Stuttgart Group, has been granted the final license for its business operations as a crypto custodian by the Federal Financial Supervisory Authority (BaFin), making it the first established market participant to be granted a license to store cryptocurrencies without making any acquisitions.
This positions the Boerse Stuttgart Group as the only one-stop shop for digital assets among traditional providers on the European crypto market.
This shop for brokerage, trading, and custody of digital assets is fully regulated by BaFin, making it the infrastructure partner of choice for banks, brokers, asset managers, and family offices.
Boerse Stuttgart Digital’s unique offer
Boerse Stuttgart Digital’s move into the crypto market is a significant step towards the adoption of digital assets by traditional financial institutions.
European banks, brokers, asset managers, and family offices can now use the trading and custody solutions offered by Boerse Stuttgart Digital for their own digital asset offerings.
Blocknox GmbH, the custodian of Boerse Stuttgart Digital, is now able to offer institutional partners simple solutions for accessing and trading, as well as fiduciary custody of cryptocurrencies, from a single source and with the highest security standards.
A high six-digit number of end customers is already benefiting from excellent liquidity, effective risk management, and a high level of reliability along the entire value chain.
Dr. Matthias Voelkel, CEO of the Boerse Stuttgart Group, stated:
This completes our unique infrastructure offer. It is the first time that an established market participant has been granted a license to store cryptocurrencies without making any acquisitions. We are now the only one in the traditional providers on the European crypto market that is a one-stop shop for brokerage, trading, and custody of digital assets, fully regulated by BaFin. This makes us the infrastructure partner of choice for banks, brokers, asset managers, and family offices.
Dr. Oliver Vins, Managing Director of Boerse Stuttgart Digital and the custodian blocknox, added that the BaFin license confirms them on their way to providing financial institutions throughout Europe with these core principles, secure access to the growth market for digital assets.
Dwpbank launches digital assets platform
Last week, dwpbank launched wpNex, a digital assets platform to support cryptocurrency and crypto-asset trading for its 1200 German banking clients, representing 5.5 million retail customers.
Dwpbank aims to enable its partner banks to offer crypto-assets to end-users. The pilot transaction was for Bitcoin with MLP Banking. Dwpbank’s move into the digital assets space is in line with the trend of traditional financial institutions venturing into the crypto market.
It is planning regulated trading of other digital assets and is collaborating with Bankhaus Scheich/tradias for crypto trade execution and Tangany for digital asset custody. Both providers have BaFin licenses.
Tangany manages a wallet for dwpbank, which in turn provides accounts for retail customers, so they don’t have to hold private keys. The pilot has been in the works since 2021.
Dwpbank has some past blockchain experience. It was involved in finledger, an institutional DLT project for promissory notes led by DZ Bank back in 2019.
DZ Bank also recently unveiled its technology partner for its digital asset custody solution. More recently, dwpbank has been involved in pilots for Deutsche Börse’s D7 digital securities platform.