In a significant move towards expanding its presence in Europe, Swiss-based cryptocurrency brokerage firm Crypto Finance, backed by Deutsche Borse, has acquired four licenses from Germany’s Federal Financial Supervisory Authority (BaFin).
The acquisition of these licenses by Crypto Finance’s German subsidiary marks a crucial milestone, enabling the firm to provide regulated digital asset trading, settlement, and custody services in the German market.
Expressing enthusiasm about the development, Crypto Finance Group CEO Stijn Vander Straeten stated, “We are excited that Crypto Finance (Deutschland) GmbH is now licensed by BaFin, the highest benchmark in regulatory oversight, as a crypto custody provider in Germany.”
Deutsche Borse, a multinational financial powerhouse, acquired a majority stake in Crypto Finance in 2021, aiming to expand its offerings in the crypto space, particularly in post-trade services like custody. The investment decision was driven by the escalating interest from established financial institutions looking to delve into the burgeoning crypto sector.
Established in 2017 by Jan Brzezek and Tobias Reichmuth, Crypto Finance has been at the forefront of providing brokerage services for over 200 cryptocurrencies, including popular assets like Bitcoin and Ethereum. The firm’s recent funding rounds have seen significant participation from investors, with over $41 million raised, indicating robust investor confidence in its growth trajectory.
