In a fray to capture a pie of the growing cryptocurrency exchanges market, a lot of traditional exchanges are contemplating and announcing their intent to start cryptocurrency exchange. The latest addition to this list is Boerse Stuttgart, the second largest stock exchange in Germany.
Boerse Stuttgart announces a complete cryptocurrency ecosystem for the crypto stakeholders
Börse Stuttgart (SWB), the second largest stock exchange in Germany and the ninth largest in Europe, came out with a press release stating that they will be developing a variety of cryptocurrency related services as the company furthers its ventures into the cryptocurrency industry. The announcement of the development of these crypto-related services comes after the exchange announced its Bison trading app in April of this year. The Bison app, which is a direct competitor to the Robinhood trading app in that it has zero trading fees and was one of the first crypto exchanges to be created by a retail investment exchange. The Bison trading app will launch in the fall and will initially support trading for Bitcoin, Ethereum, Ripple, and Litecoin.
According to the press release, in addition to the full-service BISON, the smartphone app for trading cryptos released by FinTech’s Sowa Labs – a subsidiary of the Boerse Stuttgart Digital, the exchange will also be launching an ICO platform, a trading venue and custody for cryptocurrencies // services along the value chain are offered under one roof. With this multiple releases of products and services, Boerse Stuttgart Group thus will be in a position to offer an end-to-end infrastructure for digital assets.
Alexander Höptner, Member of the Management Board at Boerse Stuttgart GmbH was quoted in the press release stating that
“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 with cryptocurrencies,”
He further added that
“In designing the strategic projects we closely cooperate with all competent boards and committees, and especially with the supervisory authorities”
Traditional exchanges coming forward to bring crypto trading mainstream
Is not just Börse Stuttgart, with cryptocurrencies trading slowly catching eyes of a lot of institutional investors, a lot of traditional exchanges are announcing their plans for cryptocurrency exchange operation and services. CBOE Global Markets Inc (CBOE.O) and CME Group Inc (CME.O) have already launched the bitcoin futures. In April this year, Nasdaq CEO Adena Friedma had said Nasdaq would consider becoming a crypto exchange over time. In July, SIX, the owner and operator of the Swiss stock exchange, also announced that it would be launching a new fully-regulated crypto exchange.
Past week, NYSE owners, the Intercontinental Exchange also announced its plans for a new crypto ecosystem under its new subsidiary called Bakkt. ICE intends to launch an integrated platform that enables consumers, merchants, and institutional clients to buy, sell, store, and spend digital assets on a “seamless global network,” The ecosystem is expected to include “federally regulated markets and warehousing” alongside “merchant and consumer applications”
As a lot of traditional mainstream exchanges are getting into the fray for cryptocurrencies, the signs and indications of cryptocurrencies trading going mainstream is also increasing. This would really make the environment livelier and mature for cryptocurrencies
Are other traditional exchanges ready to take up the crypto challenge? Do let us know your views on the same.
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