Blocknox, a subsidiary of the second largest German stock exchange, Boerse Stuttgart, is expanding its crypto custody service to institutional investors through its BISON application.

According to a stock exchange announcement on Tuesday, February 17, Blocknox already provides custody of crypto on a "custody basis" and has made the service available to users of BISON and also BSDEX, the crypto exchange launched by Boerse last year.

The company now plans to expand its services outside the group's own offerings, planning to custody crypto assets and “other digital assets” for institutional clients, such as banks and asset managers.

"As a pioneer in Germany, Blocknox has been acting as custodian of cryptocurrencies for over a year," said Dr. Ulli Spankowski, the company's managing director. “Now we want institutional customers to benefit from our experience and setup. They can use Blocknox's trusted custody as a basic component of their own services around digital assets. ”

The company said it has already built and implemented a “multilevel security concept” to protect assets in custody.

With the new rules for Germany's crypto services introduced in early January, Blocknox said it has already informed the country's regulators of its intention to apply for a license, which means that it can now offer custody services provisionally. The company plans to submit the final application to become a regulated financial services provider before the deadline.

Spankowski said the new rules will bring “more professionalism” to the crypto industry and are likely to encourage more institutions to enter the market. Boerse is one of the stock exchanges with the most pro-crypto initiatives, having launched XRP and Litecoin-based securities trading earlier this year.

Read also: Financial Stability Council asks the G20 to urgently regulate digital currencies

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