Deutsche Boerse, a stock exchange company based in Germany wants to delve into the crypto market in Europe.
The stock exchange company bought the highest stake in Crypto Finance AG, a digital asset company based in Switzerland.
A Tuesday report revealed Deutsche purchased more than half of the stakes in the company.
The specifics surrounding the transaction is yet to be made known to the public. The transaction will be concluded in Q4 this year when regulators give the go-ahead order.
The stock exchange company made it known that their reason for buying the Swiss firm was to upgrade their reach into the Crypto market in Europe. Their aim is to make use of the expertise of the Swiss company to provide Crypto related services.
The Swiss company provides services such as, serving as stockbrokers for digital assets and after-trade services like custody.
The current Chief Executive Officer of the Swiss company, Jan Brzezek will go ahead in running the company even though the company is now part of Deutsche Group because of the purchase.
According to Cointelegraph, in the bid to grow their Crypto reach, Deutsche previously put in 12 million dollars in a collaboration with Commerzbank. The purchase of this Swiss company is their most recent attempt into the Crypto market.
This purchase mirrors the developing collaborations between German and Swiss regulated companies in the digital assets frontier. In the past, the two countries have also let Crypto be traded freely.
In their crypto regulations, the two countries share similarities. Switzerland has enacted the first part of their policies on blockchain. The second part is yet to take effect.
Germany made Crypto legal last year December. They however. do not have standard full coverage regulations for blockchain yet.
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