German securities marketplace and stock exchange Deutsche Börse will be spending 270 mln euro (around $315 mln) on new tech investments including blockchain, Finextra reported yesterday, May 30.
The spending plan, part of the company’s 2020 roadmap which will involve 350 job cuts, will also include big data analytics, cloud, computing, robotics, and artificial intelligence. Deutsche Börse, the ninth largest exchange in the world, notes that the plan also includes the creation of several hundred new jobs in these sectors in the future.
In regards to blockchain development, Deutsche Börse is looking into how the technology can “create new lines of business and corresponding profits.”
Theodor Weimer, CEO of Deutsche Börse AG, said in reference to the overall tech spending plan:
“Deutsche Börse is preparing itself for the future and for further growth in the best manner possible. We will be focusing even more consistently on the scalability of our business model and on enhancing our operational processes.”
In late March, Deutsche Börse reported that they would be releasing a blockchain-based securities lending platform in partnership with HQLAx on R3’s Corda blockchain platform. Later the firm added that they would not be working with crypto companies for the platform’s implementation due to Bitcoin’s (BTC) volatility.
However, just last week Deutsche Börse said that they were “deep at work” looking into cryptocurrency integration options.
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