Deutsche Börse closes deal for majority stake in Crypto Finance AG
December 16, 2021, 5:50AM EST
1 min read
German exchange operator Deutsche Börse Group said on Thursday it has completed the acquisition of a majority stake in Swiss fintech firm Crypto Finance AG.
The deal, which was first signed in June, will mean Deutsche Börse can provide a direct entry point for investments in digital assets, including post-trade services such as custody.
Crypto Finance AG offers crypto trading, storage and investment tools in over 200 digital assets for institutional and professional clients. The Zug-based business is regulated by The Swiss Financial Market Supervisory Authority (FINMA), the Swiss regulator.
According to a press release, CEO and co-founder Jan Brzezek and the current management team will continue to lead Crypto Finance and retain a significant stake in the company. The business will continue to operate as an independent brand, with a focus on banks, asset managers, fintechs, and other financial intermediaries as its core customers.
“Thanks to Crypto Finance’s proven expertise and the technologies they have developed, we can now enable financial institutions and professional investors to enter the digital asset market," said Eric Leupold, head of cash market at Deutsche Börse. "This is a step further in our digital asset strategy.”
The move comes just two months after Deutsche Börse teamed up with Commerzbank to invest in fintech 360X in October. The deal was struck with the aim of building a blockchain-based digital marketplace for digital asset classes in art and real estate.
As cryptocurrencies become increasingly mainstream, regulators, the media and policymakers are paying more attention to the financial crime risks associated with them. But what are the biggest compliance challenges crypto firms face, and what does a best practice AML program look like?
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain.