The race for crypto dominance is heating up in Germany after the country’s largest stock-exchange operator announced the creation of a new blockchain unit. The announcement came one month after Borse Stuttgart, Germany’s second-largest exchange operator, launched a new cryptocurrency trading platform.

Deutsche Borse Launches Blockchain Unit

The Frankfurt-based Deutsche Borse AG has created a centrally-steered unit dedicated to ‘DLT, Crypto Assets and New Market Structures,’ according to a press release that circulated Monday. The 24-person team, led by Jens Hachmeister, will further advance Deutsche Borse’s work in the blockchain arena.

“Deutsche Borse has been active with the technology in a first phase of ideation and exploration,” Hachmeister said in a statement. “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.

In order to use the full potential of the technology for our businesses, to generate efficiencies and create revenues, a centrally steered approach is necessary to make a greater impact,” he added.

Last month, Deutsche Borse acquired a minority stake in HQLAx, a liquidity and collateral management firm that is developing a new platform for blockchain-based securities lending.