Boerse Stuttgart subsidiary Blocknox has expanded its crypto custody services to institutional investors, says an announcement made on Tuesday.
Blocknox is already known for offering crypto custody assets services on the escrow basis, but now it has made the same service available to Boerse Stuttgart BISON app’s users and the BSDEX digital assets exchange. The company’s plan is to expand its services even more, behind its own offerings, by safeguarding cryptocurrencies and other types of digital assets for institutional investors, asset managers and banks included.
Blocknox Has Been a Custodian in Germany for Over 1 Year
Talking about Blocknox and its plans, this is what the company’s managing director and Boerse’s chief digital officer, Dr. Ulli Spankowski, had to say:
“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.”
Besides, the firm said it already created and deployed a multilevel type of security concept for protecting the assets under its custody.
Blocknox Applying for a Custodian License
Germany has introduced in January new rules for the crypto services providers in the country. Blocknox mentioned it already applied for a license so that it can offer custody services provisionally. Furthermore, it wants to submit a final application before the deadline for becoming a regulated provider of financial services passes.
Spankowski thinks that functioning according to the new rules makes everything more professional in the crypto industry, which can encourage many other institutions to enter the same market. He may be right, as perhaps institutions that haven’t decided to function in the crypto space until now didn’t do it because the regulations were unclear.