Deutsche Borse Takes a Majority Stake for Over $100 Mln in Crypto Finance AG

Deutsche Borse Takes a Majority Stake for Over $100 Mln in Crypto Finance AG

This step has been taken in response to “increasing demand from established financial institutions who are looking to become active in this new asset class.”

German exchange operator Deutsche Borse Group has acquired a majority stake in Crypto Finance AG.

Founded in 2017, Crypto Finance is a Swiss-based fintech firm regulated by the Swiss Financial Market Supervisory Authority (FINMA), offers crypto trading and storage in over 200 crypto-assets for institutional and professional clients.

Deutsche Borse will take a two-thirds majority shareholding in Crypto Finance AG in exchange for an investment in “a moderate three-digit CHF million range,” more than 100 million Swiss francs ($108.68 million).

The deal, subject to regulatory approvals, is expected to close in the fourth quarter of this year. Jan Brzezek, CEO and co-founder of Crypto Finance, will remain chief executive along with the existing management team.

With this acquisition, Deutsche Börse aims to further get deeper into the digital assets market and provide its customers a direct entry point for investments, including custody. Thomas Book, executive board member for trading and clearing at Deutsche Börse said,

“Digital assets will transform the financial industry. There is increasing demand from established financial institutions who are looking to become active in this new asset class and want a trusted partner.”

Read Original/a>
Author: AnTy

Related Articles