Deutsche Boerse has caused a majority stake in Crypto Finance AG — a Swiss digital asset firm.

According to a release issued on Tuesday, the German language stock exchange operator has bought a two-thirds stake in the digital asset company.

Though the financial details of the deal have yet to be made public, Deutsche Boerse revealed that the purchase sum was in the "moderate three-digit CHF 1000000 range." The stock purchase agreement will be finalized in Q4 2021 once all parties receive the required green low-cal from regulators.

As part of the announcement, Deutsche Boerse revealed that the acquisition was role of its efforts to upscale its crypto and digital nugget offerings in Europe. Indeed, the stock marketplace platform is reportedly looking to leverage Crypto Finance AG's expertise in dealing with institutional crypto investors to deploy straight investment services too as post-trade solutions like custody.

Crypto Finance, a regulated entity by Switzerland'south Financial Market Supervisory Authority, offers digital nugget brokerage and custody solutions. Dorsum in Apr 2020, the company raised $14.5 million in a Series B funding round that drew participation from major Swiss and Asian investors.

With the majority conquering, the Swiss firm at present becomes a part of the Deutsche Boerse Grouping. Jan Brzezek, founder and CEO of Crypto Finance, will keep to run the company founded in 2017.

Deutsche Boerse acquiring a majority stake in the Swiss digital asset firm is the latest pace past the stock exchange operator's growing crypto and blockchain involvement. Every bit previously reported past Cointelegraph, the securities market invested $12 one thousand thousand in a digital asset venture in partnership with Commerzbank.

The news is also some other example of the emerging partnership between regulated entities in Germany and Switzerland concerning crypto and digital assets trading. Stock exchanges in both countries have previously allowed passporting of crypto exchange-traded products, allowing seamless list procedures for such ETPs.

Related: Deutsche Boerse and Commerzbank invest in new digital nugget venture

Both nations have besides adopted similar crypto regulatory policies. The first phase of Switzerland'south comprehensive blockchain police went into effect earlier in the year, with stage two expected to happen in the summer.

While yet to enact a full-spectrum crypto and blockchain regulatory framework, German authorities legalized crypto securities back in December 2020.