Germany’s Stuttgart Stock Exchange Launches a Crypto Exchange In Partnership with solarisBank
Boerse Stuttgart Group, the second-largest stock exchange in Germany will launch its cryptocurrency exchange in the first half of 2019, in partnership with a local FinTech company SolarisBank. The Boerse Stuttgart will leverage the expertise and experience of SolarisBank in creating an engineering infrastructure for the trading of digital assets.
Furthermore, the benefit of this partnership is that the SolarisBank has already got a banking license and thus will make it easy for the stock exchange to offer crypto-banking services.
In the official press release, Alexander Höptner, CEO of Boerse Stuttgart GmbH said: "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. solarisBank's Blockchain Factory supports us in taking trading in crypto currencies and tokens to the next level and in setting new standards in transparency and reliability”.
Initially, the crypto exchange will only facilitate trading for Bitcoin (BTC) and Ethereum (ETH) on its platform. It plans to add support for other tokens in the later stage. Earlier this group in April, the Stuttgart Exchange Group said that it will bring a zero-fee trading app to the market. It looks like the plan to build infrastructure around it has already started.
In addition, the Stuttgart group is also working on developing an Initial Coin Offering (ICO) platform, the plan of which was revealed earlier this year in August. The crypto trading platform by Boerse Stuttgart will allow both individual and institutional investors alike to trade on its platform. Furthermore, it will offer several other features similar to its stock trading platform. While complying with the existent laws, it can offer open order books and order execution.
The stock-exchange group is also seeking a regulatory approval to provide the multilateral trading facility (MTF) for its cryptocurrency trading marketplace. MFT is a kind of trading system facilitating the matching of buy and sell orders of financial instruments using the electronic systems.
Roland Folz, CEO of solarisBank said: "Boerse Stuttgart Group and solarisBank share the ambition to shape the future of the financial industry. A reliable and performant trading venue is a fundamental contribution to our shared vision of a hybrid financial world with both fiat and crypto currencies. We are very pleased that Boerse Stuttgart Group chose our Blockchain Factory around Peter Grosskopf and Michael Offermann as its trusted partner”.