Boerse Stuttgart is going deeper into crypto. The German stock exchange is planning to set up a new trading venue that would allow the exchange of tokens from the ICOs it wants to host, as well as established cryptocurrencies. Custody services will also be offered to crypto investors.
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Trading Venue, ICO Platform and Crypto Custody
Germany’s second largest stock exchange, Boerse Stuttgart, is expanding its crypto-related investments. It has announced intentions to create a “multilateral regulated trading venue” for cryptocurrencies with safe storage services for digital assets. The Boerse also intends to develop a new platform for conducting Initial Coin Offerings (ICOs).
The news about these plans comes after earlier this year the exchange said it was developing a new cryptocurrency trading app called Bison which is expected to offer fee-free access to crypto investment. According to previous reports, the German version of the software is scheduled to be released this fall and will be followed by an English version shortly after. The app will initially support pairs with BTC, ETH, LTC, and XRP.
Boerse Stuttgart now wants to extend its crypto-related activities to the primary and secondary markets, Finextra reported. That involves the creation of the ICO platform which will allow the issuance of digital tokens used for either corporate financing or to represent rights and assets.
All Under One Roof
The exchange is also preparing to establish the regulated trading venue where the coins of the hosted ICOs will be traded in parallel with leading decentralized cryptos such as bitcoin core (BTC) and ethereum (ETH). Custody services will be provided to participating traders and investors. Speaking about these important developments, the Chief Executive Officer of Boerse Stuttgart, Alexander Höptner, said:
At the trading venue tokens issued via our ICO platform can be traded on the secondary market. This is an important success factor for ICOs. At the same time, we are responding to demand from both retail and institutional investors for a regulated and reliable environment for trading cryptocurrencies.
According to further comments by Mr. Höptner, all this will allow the exchange to offer “central services along the value chain for digital assets, all under one roof.” The announcement of the new projects follows last year’s establishment of a “Digital Ventures” unit and the subsequent acquisition of local data analytics startup Sowa Labs. The subsidiary is currently developing the Bison crypto trading app claimed to be the first that has the support of a major traditional stock exchange.
Boerse Stuttgart is the second largest stock exchange in Germany, after Frankfurter Wertpapierbörse, and the ninth largest in Europe. So far, Germany has treated carefully cryptocurrencies and the related industry. In the Bundesrepublik, cryptos are not subject to VAT when exchanged with fiat, and profits from long-term crypto investments are exempt from capital gains tax.
Do you think other traditional financial institutions in Germany will follow Boerse Stuttgart’s example and expand operations in the crypto space? Share your expectations in the comments section below.
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