Boerse Stuttgart Announces Joint Venture with Axel Springer for New Crypto Trading Platform
The second largest stock exchange of Germany Borse Stuttgart has launched a new digital crypto trading platform by partnering with the Axel Springer, the largest digital publishing house in Europe. It has also included Finanzen.net which is the subsidiary of Axel Springer.
Finanzen.net had mentioned about the launch of new crypto trading platform on March 27, the details information regarding the launch was later released by the associating partners. Finanzen.net is the top financial platform of the country.
The new crypto platform initiative will mainly focus on combining the investment information services and also blockchain-based trading platform within one single roof. In order to achieve this, Borse Stuttgart which in the year 2018, had around 1.72 trillion euros book order turnover will be the single biggest shareholder of the joint trading platform.
Cryptocurrency trading app BISCON was introduced soon after the announcement by Boerse Stuttgart in the previous month. While in the month of August 2018, Boerse Stuttgart had informed about its plans to build an end-to-end infrastructure for the crypto assets.
The company will be extending its long lasting collaboration with finanzen.net which is the largest stock exchange portal of Germany that consists of more than 3.47 million individual users, Boerse Stuttgart Group announced. Axel Springer will be getting its widespread experience in the space of creating long-lasting digital business models to the partnership.
A good reputation is been maintained by Axel Springer and Finanzen.net with its partner Borse Stuttgart and holds stake of around 30 percent of the joint venture and will be quartered in Stuttgart and also has an office in Berlin.
The new crypto trading platform is supposed to be released by the summer of 2019, in Germany and it will be supplied for the retail and institutional investors. The joint venture is put on hold as it is waiting for the approval from the antitrust authorities and other parties.
The joint initiative will be offering the most extensive and integrated services for the digital assets from comprehensive information to custody and trading, Exchange management board chairman, Alexander Hoptner mentioned
The media reports suggest that Axel Springer’s have years of experience in developing digital business models and will be the main strength of the publisher which can be implemented into the new platform.
The official name for the new crypto trading platform has not yet been published. Reports had also mentioned about the plans of Borse Stuttgart to introduce a zero-fee crypto trading app in the month of May 2018, named as BISON. BISON has already gone live in January. The subsidiary of Borse will offer crypto custodial services to BISON using a storage system, and also collaborated with an external banking partner to support the euro payments and to provide authorized money custodial services for app.
They both are planning to unite their offering and use the blockchain technology so as to offer the investors with direct and easy access to cryptocurrencies.