Boerse Stuttgart Subsidiary rolls out institutional crypto custody services

Wednesday 19 February 2020 10:45 CET | News

Blocknox, a subsidiary of German stock exchange Boerse Stuttgart, has announced plans to expand its cryptocurrency custody service to institutional players.

The subsidiary plans to expand its services outside the group's own offerings, planning to safeguard cryptocurrencies and other digital assets for institutional clients such as banks and asset managers. Blocknox already provides custody for crypto assets on an ‘escrow basis’ and has made the service available to users of Boerse Stuttgart's BISON app and its digital assets exchange, BSDEX.

The firm has already built and deployed a ‘multilevel security concept’ to protect assets under custody, according to CoinDesk.

With new rules for Germany-based cryptocurrency services introduced in early January, 2020, Blocknox has already informed regulators of its intent to apply for a license, which means it can offer custody services on a provisional basis. The firm plans to submit the final application before the set deadline to become a regulated financial services provider.

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Keywords: Blocknox, Boerse Stuttgart, cryptocurrency, custody, digital assets, banks, asset managers, Germany
Categories: DeFi & Crypto & Web3
Countries: Germany
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DeFi & Crypto & Web3

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