Deutsche Börse Group, the German exchange operator, has acquired two-third majority shareholding in Swiss fintech firm Crypto Finance AG. The group in a statement said it is in exchange for an investment in a moderate three-digit CHF million range.
Crypto Finance AG, a Zug-based business is regulated by the Swiss Financial Market Supervisory Authority (FINMA), which is also the Swiss regulator, and offers trade in the digital asset and other investment tools in over 200 digital assets for all professional and institutional clients.
Thomas Book, executive board member for trading and clearing at Deutsche Börse said through the acquisition, the exchange operator aims to extend its capabilities of digital assets through the means of providing a direct point for investments which also includes post-trade services, such as custody.
“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,” Book said while adding that Crypto Finance complements the German exchange regulator’s existing digital assets initiatives, includes an investment in a digital asset marketplace for real estate and art, and centrally cleared crypto exchange-traded notes (ETNs) called 360X.
The deal is expected to close in the last quarter of 2021 subject to regulatory approvals. However, the statement also noted that Jan Brzezek, Crypto Finance’s founder and CEO, will continue managing the affairs of the business.