In a major cryptocurrency news update, it has been confirmed that Deutsche Börse Group has acquired the majority of shares in the company Crypto Finance AJ.
Crypto Finance AJ is a group of financial institutions that has been consolidated under the supervision of Finma, which covers trading, storage, and investment. The group was established in 2017 with services including over 200 digital assets as well as custody and safekeeping, employing 55 people at their base in Switzerland as well as via their regional base in Singapore. The aim of the acquisition is to further extend Deutsche Börse Group’s offerings in terms of post-trade services.
The Relevance of the Cryptocurrency News Update
Deutsche Börse Group is not only the German firm in recent years to invest in this market in recent times. Commerzbank also invested in the fintech spinoff 360X, with their purchase designed to offer a specially created digital platform for investments into art and real estate.
The investment into the group has been described as being within the range of a “three-digit CHF million range” and once the deal has been completed Deutsche Börse Group will become the two-thirds stakeholder in Crypto Finance AJ.
This cryptocurrency news update has a potential to create change. It should also be noted, the deal is also subject to regulatory approvals. It remains to be seen whether this will be considered viable under those particular terms. If it is approved, this may well pave the way for further purchases and partnerships within the cryptocurrency market.