Blocknox, the digital arm of the Stuttgart-based exchange, has received final approval from German financial regulator BaFin as a cryptocurrency custodian.
The license means that Boerse Stuttgart Digital will be able to offer cryptocurrency trading and trust custody services to institutional investors. Institutions expected to take advantage of the offering include banks, brokerages, asset managers and family offices.
Boerse Stuttgart, the sixth-largest stock exchange in Europe, launched a crypto trading app in 2018, which saw more than $1 billion in trading volume in 2020.