The post The most significant crypto partnerships forged in 2023 appeared on BitcoinEthereumNews.com.

Crypto partnerships continued in 2023 as companies sought to expand geographically, add capabilities or reach new audiences.  Others ended amid regulation-related concerns. There were a range of collaborations, as some featured only crypto firms. Others involved a traditional finance player looking to get more involved in the segment by partnering with a more specialized company — a growing trend in recent months.   Traditional players wade deeper into space More traditional financial institutions entered the crypto and blockchain segments via link-ups with segment firms, noted Alex Thorn, head of research at Galaxy Digital.    “It’s clear they increasingly understand the utility of distributed ledger technology at a minimum, and increasingly of public blockchains themselves,” Thorn said of such companies.  Traditional finance giant Deutsche Bank, for example, said in September it was looking to build digital asset custody and tokenization services through a new partnership with Switzerland-based crypto infrastructure provider Taurus. More recently, asset manager DWS said it would collaborate with crypto firm Galaxy and trading specialist Flow Traders to introduce a stablecoin.  Switzerland-based St. Galler Kantonalbank launched crypto custody and trading services by teaming up with AMINA Bank (formerly known as SEBA Bank).  Caspar Sauter, co-founder of decentralized exchange D8X, previously told Blockworks he expects more traditional banks to start offering crypto-related services by leveraging services by AMINA, Sygnum Bank, AlphaPoint and others. “Particularly in jurisdictions where progressive and clear regulatory frameworks are emerging, traditional institutions are beginning to deploy the technology,” Thorn told Blockworks. Austria-headquartered Raiffeisen Bank is reportedly getting set to offer crypto trading to retail customers after signing a letter of intent to collaborate with crypto platform Bitpanda earlier this year.   Ilya Volkov, CEO of crypto platform YouHodler, called the move another “bold and very important trend” of partnerships between traditional banks and crypto companies.  “[It’s] an absolutely logical…

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Filed under: News - @ December 30, 2023 7:10 pm