Germany’s Second-Largest Stock Exchange to Jointly Launch Cryptocurrency Exchange
Germany’s second-largest stock exchange, Börse Stuttgart has partnered with digital publisher Axel Springer and its sister concern finanzen.net to launch a blockchain-based digital assets trading platform jointly. This according to an official press release published March 27, 2019.
A Three-Way Cryptocurrency Exchange
In December 2018, the crypto community got a tease of an upcoming cryptocurrency trading platform by German stock exchange Börse Stuttgart. Now, it seems that the plans for a digital exchange are finally coming to fruition.
Per sources close to the matter, the three-way joint venture of Börse Stuttgart, Axel Springer, and finanzen.net will offer retail and institutional investors a secure platform to trade digital assets. Notably, the joint venture will be based in Stuttgart and will have an office in Berlin.
As for the business and equity structure of the proposed trading platform, the press release notes that Börse Stuttgart will own 70 percent stake in the exchange, while Axel Springer and financial news website finanzen.net will collectively own the remaining 30 percent share.
Exchange Looking for a Summer Launch
The exchange will bring together the expertise of all three enterprises in their respective fields.
Börse Stuttgart will provide its reliable and transparent trading mechanism, while Germany’s largest online financial portal, finanzen.net will help in research and relaying important information about financial products to users. Similarly, Axel Springer, one of Europe’s top digital publishers, will help the venture with its many years of experience in developing sustainable digital business models.
Alex Springer’s press release reads in part:
“The partners will be combining their offerings in the area of digital assets. Investors will find all the services they need for their investments – from information to trading – bundled on a single platform.”
The trading platform is expected to launch in Germany during summer 2019 assuming that it gathers all regulatory and compliance confirmations from the relevant authorities.
Alexander Höptner, Chairman of the Management Board of Boerse Stuttgart, noted:
“The aim of Boerse Stuttgart Group is to focus sharply on retail investors and their needs. We have found ideal partners for this in Axel Springer as Europe’s leading digital publisher, and in the finanzen.net portal. Together we can offer investors comprehensive and integrated services for digital assets – from in-depth information to trading and custody.”
As reported by BTCManager on February 2, 2019, Börse Stuttgart launched its in-house cryptocurrency trading app, called BISON, to make trading digital currencies easier for users.