Leading stock exchange operator Deutsche Börse Group, based in Germany, with a market capitalization of $28.4 billion, has completed the acquisition of the majority stake in the FINMA-regulated firm Crypto Finance AG based in Zug, Switzerland. The latter provides services in crypto custody, trading and other services for crypto assets.
*Deutsche Boerse Completes Acquisition of Majority Stake in Crypto Finance— *Walter Bloomberg (@DeItaone) December 16, 2021
The acquisition deal on the merger is completed
As reported by U.Today earlier this year, the deal was started back in June and was due to be completed in mid-December. Now, the moment has come and the acquisition of the majority stake in the company has been completed.
Together, the companies plan to create an ecosystem for trading, investment and post trade of digital assets in Europe, which will be regulated by European watchdogs.
Setting up a regulated crypto assets ecosystem in EU
Deutsche Börse Group's customers will now be able to seamlessly access services related to crypto assets. Besides, Crypto Finance will utilize a network of clients and the infrastructure of Deutsche Börse to expand its team, as well as a portfolio of products and services.
The company now plans to expand in Europe, keeping its focus on Germany, as well as to expand in Asia and Singapore.
The current chairman of the Crypto Finance Board, Dr. Tobias Reichmuth, has resigned, and Eric Leupold, chief of the Cash Market at Deutsche Börse, has been appointed to that position.