The Germany-based security token offering (STO) platform Black Manta Capital Partners has reportedly teamed up with the crypto asset custody firm Finoa to design institutional security token custody.

Specifically, the alliance will reportedly pave way for an introduction of a tool for regulated security token custody, focusing on institutional investors, people with a high level of net worth, as well as enterprises. 

Black Manta and Finoa will reportedly start by jointly working on obtaining the tokens of the Berlin STO, which helped put $12 million equivalent through tokenization in April. 

Finoa is reportedly recognized as a crypto asset custody provider from Berlin, who has successfully obtained the authorization to offer crypto custody service from the German Federal Financial Supervisory Authority (BaFin). 

“Germany’s crypto custody legislation triggered a wide range of service providers in the digital assets space to apply for a BaFin licence. The German legislation was a crucial step to bring the confidence and liquidity of professional players to the space. In Finoa we see a team that is not only well positioned to cater to the high end investor class, but who bring also a mindset to the table that will be needed to develop this rapidly emerging market.” Black Manta co-founder and managing partner Christian Platzer reportedly remarked. 

Platzer has reportedly made comparisons regarding STOs to other commonly used methods, claiming they have a “lower transaction costs, transferability, tradability. You can invest in real estate today, without going to a notary.”

Black Manta has managed to secure an operating license for its STO platform from BaFin in summer last year.