Boerse Stuttgart Digital, the crypto-focused arm of the Stuttgart Stock Exchange Group, has extended its regulated crypto and digital asset services in Spain with a new office in Madrid.
As Europe’s leading regulated infrastructure partner for digital and crypto solutions, this expansion adds to its presence on the continent. The new Madrid office marks the company’s eighth European hub, expanding to cities including Stuttgart, Berlin, Frankfurt, Ljubljana, Milan, Stockholm, and Zurich.
Boerse Stuttgart Digital enters the Spanish market
At the beginning of the year, the company secured a Europe-wide Markets in Crypto-Assets Regulation (MiCAR) license from Germany’s BaFin regulator, enabling it to carry out its operations in the crypto-asset market across all EU member states.
Notably, Boerse Stuttgart Digital’s crypto trading and custody solutions services are specialized for banks, brokers, and asset managers. To operate effectively, its flexible platform gives institutions the chance to include cryptocurrency-related services in their retail products while they still adhere to the MiCAR regulations.
Meanwhile, Boerse Stuttgart Digital decides to expand its operations in Spain due to its growing interest in digital assets. This was after reliable sources conducted market research and revealed that over half of the population in the fourth largest country on the European continent were likely to use cryptocurrencies by 2025.
In addition, the sources highlighted that this could create a golden opportunity for financial companies aiming to satisfy their clients’ needs.
In response to these advantages in Spain, Boerse Stuttgart Digital mentioned that it had already begun engaging in progressive talks with major Spanish banks about offering them regulated access to crypto.
In a statement, Dr. Matthias Voelkel, the Chief Executive Officer of Boerse Stuttgart Group, expressed that innovative and high-performing banks in Spain are a significant market for them. To illustrate the situation’s seriousness, Voelkel stated, “We are already involved in detailed discussions with major players.”
Like Boerse Stuttgart Digital, Ripple, the blockchain-based company that creates a global payment network using the XRP Ledger, has also extended its operations in Spain. The company will now offer crypto custody services to the Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA).
As earlier reported by Cryptopolitan, the partnership, which included tech company IBM, will see BBVA integrate Ripple’s digital asset custody technology into its recently established retail platform that allows customers to buy, sell, and hold crypto such as Bitcoin and Ether. Under this agreement, BBVA will use Ripple’s institutional custody service to improve the services available to its customers.
Following a successful pilot in 2023, BBVA is now expanding the service through Garanti BBVA Kripto, its Turkish subsidiary, which has already launched a regulated digital asset trading platform.
The service reportedly serves over 14,000 users, offering access to cryptocurrencies such as Bitcoin (BTC), Ether (ETH), USD Coin (USDC), Avalanche (AVAX), Chiliz (CHZ), XRP, Arbitrum (ARB), and Solana (SOL). Ripple provides custody solutions, while IBM ensures secure infrastructure for the platform.
Francisco Maroto, who serves as the Head of Blockchain and Digital Assets in the Customer Solutions Strategy Area in BBVA, stated that Ripple’s custody solution is of great importance for them to meet essential standards needed to provide end-to-end custody service directly.
On the other hand, Ripple’s managing director for Europe, Cassie Craddock, pointed out that the European Union’s Markets in Crypto-Assets Regulation has been the driving factor behind local banks’ agenda to pursue projects like BBVA.
According to Craddock, BBVA has solidified its position as one of the most pioneering innovative banks on the continent. She made these remarks in reference to recent reports from the bank’s advisers urging its wealthy clients to invest their portfolios in cryptocurrencies, which ranged from 3% to 7%.
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Source: https://www.cryptopolitan.com/boerse-stuttgart-digital-expands-into-spain/