Germany’s second largest stock exchange Boerse Stuttgart is expanding its suite of cryptocurrency investment tools for investors. ‘All Un...
Germany’s second largest stock exchange Boerse Stuttgart is expanding its suite of cryptocurrency investment tools for investors.
‘All Under One Roof’
Boerse Stuttgart, Germany’s second largest stock exchange, laid down its plans to build an end-to-end infrastructure facilitating cryptocurrency trading.
Back in April, the company announced that it will be launching a cryptocurrency trading application called Bison. The app was developed from one of the company’s subsidiaries – Sowa Labs. While it is scheduled to launch sometime in autumn 2018, the stock exchange is already planning its further foray into the field of cryptocurrencies.
In addition to Bison, the company plans to introduce an Initial Coin Offering (ICO) platform which will facilitate the issuance of digital tokens. According to the press release, the platform will also make it easier to carry out ICOs in a transparent and standardized process.
A fully-fledged trading venue, as well as a custody solution, are also in the pipeline, as Boerse Stuttgart’s intentions are to provide a comprehensive infrastructure for digital assets.
Alexander Höptner, CEO at Boerse Stuttgart GmbH, noted:
We can offer central services along the value chain for digital assets, all under one roof. Investors and market participants know that Boerse Stuttgart Group stands for quality, transparency and reliability. As a Germany-based provider we want to transpose this standard into the digital world. We will help to promote acceptance of digital assets.
More Accessible for Traditional Finance
The news of Boerse Stuttgart working on a fully-fledged infrastructure for cryptocurrency trading and custody follows similar development in the US. The parent company of the New York Stock Exchange (NYSE) – the Intercontinental Exchange (ICE) announced August 3, that it has teamed up with marquee companies like Microsoft and Starbucks to build a global digital asset platform Bakkt. The latter is supposed to launch in November.
According to popular cryptocurrency commentator and owner of investment firm BKCM LLC Brian Kelly, this is “the biggest news of the year” for Bitcoin.
The CNBC trader noted:
They’re talking about getting this into your 401(K). They’re talking about in your…. Fidelity or TD Ameritrade account, you’re going to be able to buy a bitcoin ETF, a bitcoin mutual fund. It expands the universe.
One of the main roadblocks for institutional investors to get involved in the field of cryptocurrency has been the lack of a custody service offered by a trusted and more so – regulated, entity. With ICE and Boerse Stuttgart working on a solution of the kind on their own, this issue might well be taken care of.
What do you think of Boerse Stuttgart’s intentions to provide fully-fledged infrastructure for cryptocurrency trading? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock; Wikipedia.
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