Boerse Stuttgart Group, which operates Germany’s second-largest stock exchange, has launched a regulated crypto trading platform, in partnership with Solarisbank. Customers can connect directly to the new exchange and trade bitcoin against the euro without a broker.
German Regulated Crypto Trading Platform
The group which owns Germany’s second-largest stock exchange has launched a digital asset trading platform called Boerse Stuttgart Digital Exchange (BSDEX). Trading is now live on the platform, Boerse Stuttgart Group announced Monday.
The Boerse Stuttgart stock exchange
BSDEX “is Germany’s first regulated trading venue for digital assets where investors’ orders are executed directly against each other according to fixed rules,” explained Boerse Stuttgart Digital Exchange GmbH, the company responsible for the technical operation of the new exchange. Initially, the new platform is only available to a number of invited users. According to the announcement:
As of now, selected users in Germany can connect directly to the trading venue, where they can trade the bitcoin-euro pair initially. BSDEX will be opened up gradually to other retail and also institutional investors, who can register for it now.
Boerse Stuttgart Digital Exchange’s user interface
Investors can connect directly to the new crypto exchange and trade without a broker. Currently, only market and limit orders are available, but the company said it will add more trading options in the near future. Transaction fees are levied based on the order type, but the exchange affirmed that there are presently no other costs for users.
Peter Grosskopf, CTO at Boerse Stuttgart Digital Exchange GmbH, explained that “BSDEX will give retail and institutional investors direct access to digital assets and provide flexible and relatively low-cost trading.” He joined the company in April from Solarisbank, which supports the development of the new platform.
Boerse Stuttgart Sees Potential in Crypto
Dirk Sturz, the CEO of Boerse Stuttgart Digital Exchange GmbH, believes that “The market in cryptocurrencies is worth billions, and more digital assets will emerge on the basis of blockchain.” He has worked at Boerse Stuttgart since 2007. “Our goal is to build up the leading European trading venue for those assets,” he remarked.
The company claims that its newly launched digital asset platform complies with the regulatory requirements of the German Banking Act (Kreditwesengesetz). The platform aims to offers “a transparent environment and an appropriate legal framework for digital asset trading,” the announcement details, adding:
BSDEX is the next step of Boerse Stuttgart Group in creating an end-to-end ecosystem for digital assets, thus driving the digital transformation of financial markets.
Prior to launching the digital asset exchange, Boerse Stuttgart launched a cryptocurrency app called Bison early this year. It was developed by Sowa Labs, a fintech subsidiary of Boerse Stuttgart Digital Ventures. The app’s trading partner is Euwax, a subsidiary of Boerse Stuttgart. Users can download the app to buy and sell four cryptocurrencies free of charge: BTC, ETH, LTC, and XRP. “You don’t need a crypto wallet, only a German bank account,” Bison’s website clarifies. The app also offers “Cryptoradar,” which analyses real-time data and provides a sentiment overview of the most discussed cryptocurrencies.
Operations, Partners and Other Crypto Projects
BSDEX is operated as a trading facility by Baden-Wuerttembergische Wertpapierboerse, which also operates the company’s public stock exchange in Stuttgart. Boerse Stuttgart Digital Exchange GmbH, which is responsible for the technical operation of BSDEX, is a joint venture of Boerse Stuttgart GmbH, digital publishing house Axel Springer, and finance portal Finanzen.net.
Blocknox, a subsidiary Boerse Stuttgart Digital Ventures, is responsible for the custody of acquired cryptocurrencies on an escrow basis. Meanwhile, Euwax manages the financial services required for trading.
Germany’s Federal Financial Supervisory Authority
A Berlin-based fintech company with a full German banking license, Solarisbank is BSDEX’s technology and banking partner responsible for payment processing and the custody of customers’ cash deposits in euro. The bank is authorized and regulated by the Federal Financial Supervisory Authority (Bafin) and the European Central Bank (ECB).
Bitwala partnered with Solarisbank last year to offer crypto-friendly bank accounts to its users. Bitbond partnered with the bank in March to process bank transfers during its security token offering. Further, Solarisbank’s Blockchain Factory, which enables users to offer their own crypto service, has partnered with Bison to help bring the app to the mass market.
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Images courtesy of Shutterstock, Bison, and Boerse Stuttgart Group.
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