Blocknox: BaFin-license is designed to attract institutional investors

The service provider blocknox is open to private crypto-investors. In the future, the company aims to serve institutional investors.

So far, only private customers can use the service

Some for attention to caring reports on the company blocknox GmbH has already given it to the beginning of the year 2019. At that time, the company, which is part of the prestigious and crypto-open Stuttgart stock exchange started, the acquisition in the area of private customers. Who buys digital currencies such as Bitcoin or Alternatives such as Dash, preferably, can entrust his stocks since last year, the service provider for safekeeping. Known the provider is also under the nickname”the Fort Knox of Bitcoin”. The business model seems to be working. For now the company looks as a Quasi-Wallet literally on the edge of the plate, and would like to extend its radius of action to a further audience.

Application to the BaFin to allow for Expansion of the business quickly

What blocknox plans? Apparently, the company does not want to make now last the new, and for some surprising progress in the crypto-regulation in Germany takes advantage of. This is, among other things, the outcome of the Blockchain strategy of the Federal government, and the beginning of this year launched compulsory Licensing of cryptographic service provider by the Federal financial Supervisory authority (BaFin). More than 40 companies – especially banks – should already have an application submitted. This should lead to more transparency and security on the market. Blocknox is aiming for even such a permission of the Supervisory authority, to be the Depositary business for crypto currencies Bitcoin and Zcash is steadily expanding. Until then, it could be due to the testing procedures of the BaFin and the numerous applications used.

Stuttgart stock exchange expanded indirectly its cryptographic Services

The location of Germany is also a condition for applying for the license. The desire to regulate the operators expressed to the beginning of the year, in a Declaration of intent. Once the supervisor gives the green light, it can appeal to the companies, so Bitcoin and crypto-interested parties. Possible contact person, among other things, asset managers and representatives of the Fintech industry in General. But even banks that want to enter the market, could make use of the existing infrastructure to be exploited. blocknox appreciate the legal realignment, you understand, but as a member of the spearhead of the industry in this environment, with more years of experience. The company is a subsidiary of the Stuttgart stock exchange said. The same operates for some time, the App Bison, with the crypto trading on purchases and sales is possible.