German stock exchange operator Deutsche Boerse has established a dedicated unit for blockchain and crypto assets, for various use case Finextra reported September 3.
Deutsche Börse has been exploring different applications of the blockchain for a while, the firm said in a press release.
The newly established “DLT, Crypto Assets and New Market Structures” will be headed up by Jens Hachmeister who has been leading the market organizer’s blockchain initiatives since April of this year. According to a statement issued by Deutsche Börse, Hachmeister will be leading a team of 24 people.
“Deutsche Börse has been active with the technology in the first phase of ideation and exploration,” says Hachmeister. “We invested in various initiatives to create a sound understanding of the trends, the technology, and its potential within the traditional segments of our value chain.
As part of the investment, Deutsche Börse Group has been afforded two board seats at HQLAx with Philippe Seyll and Jens Hachmeister as its representatives.
Seyll is expected to bring his expertise to bear on the board as the Group’s Global Securities Financing business while Jens will be saddled with the responsibility of overseeing blockchain initiatives.
The partnership has been anticipated since March this year after Deutsche Börse announced its proposed collaboration with HQLAx in building a fully integrated operating model for security lending transactions while exploiting blockchain technology developed by the R3 consortium.