Boerse Stuttgart Group, the second-biggest stock exchange in Germany, will kick off a crypto trading platform in the first half of the coming year.
In an announcement on December 12, the company says that it has teamed up with a local company solarisBank to develop an engineering platform for virtual assets trading. Operating with a banking license, solarisBank is also Boerse’s banking partner for the initiative.
Boerse Stuttgart CEO Alexander Hoptner states:
“With its combination of technology and banking expertise, solarisBank is a great partner for us to offer central services along the value chain for digital assets.”
At first, Bitcoin and Ether trading will be made available on the platform, while support for other tokens is expected to come once the initial coin offering (ICO) platform, which is still under development, goes live.
Individual, as well as institutional investors, can trade on Boerse Stuttgart’s crypto platform, which is expected to provide features akin to the firm’s stock trading platform. In compliance with appropriate laws, the platform will also have open order books and order execution.
Boerse Stuttgart is also trying to secure regulatory approval to be able to provide the multilateral trading facility (MTF) for the cryptocurrency trading marketplace. MTF, which is a form trading platform, that enables similar financial instrument buyers and sellers to use electronic systems.
Last August, the firm initially revealed its plan to roll out platforms for cryptocurrency and ICO token trading. At the same time, the stock exchange disclosed it would launch a trading app known as Bison and custody services for digital currencies. During that time, the company stated that the trading app would be introduced by Boerse’s subsidiary Sowa Labs.
Very recently, solarisBank also partnered with crypto payments startup Bitwala to help them in offering crypto banking services in Germany.