Boerse Stuttgart, the second largest stock exchange in Germany has announced plans to launch a cryptocurrency exchange and an ICO platform. This is the exchange’s second foray into the crypto market after it announced in April that it was launching a crypto trading app for smartphones.
The new initiatives will together form an end-to-end infrastructure for digital asset trading. Among the new products are a platform for ICO trading, a multilateral trading venue for cryptocurrencies, and custodial management solutions.
HELPING TO PROMOTE DIGITAL ASSETS
Alexander Höptner, CEO at Boerse Stuttgart GmbH stated, “On this basis, 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.”
The smartphone app, BISON, which is being developed by Sowa Labs, a subsidiary of Börse Stuttgart Digital Ventures, will be launched in the next few months. The app, the first of its kind backed by a traditional exchange, will immediately give users access to the safe custody services. The exchange will begin rolling out the other new platforms thereafter.
The safe custody of crypto assets has emerged as a major barrier to institutional investment. If an exchange with the track record and reputation of Boerse Stuttgart can offer investors a viable custody solution, it will go a long way to building investor confidence among those institutions.
Furthermore, if tokenisation of traditional assets does gather momentum, the new infrastructure will provide the exchange with first mover advantage within Europe.