Germany’s largest stock exchange Deutsche Börse is working deep on bitcoin. The news of the exchange currently understanding the concept of “underlying transactions” and regulatory effect to launch bitcoin services came a week after Germany’s 2nd largest bank Börse Stuttgart’s crypto app launch announcement.
The financial institutions are increasingly inclining towards cryptocurrencies and taking a dip into the crypto market. The latest addition to this list is Germany’s largest stock exchange Deutsche Börse who is working on adopting Bitcoin.
Based on the companies listed on an exchange, Deutsche Börse is among the world’s top 10 stock exchanges. This German stock exchange has companies listed with over $2 trillion market value.
The exchange is planning to offer crypto-related products, in an event hosted by the Association for Financial Markets in Europe, Jeffrey Tessler, head of the client, products, and core markets at Deutsche Börse said:
“We are deep at work with it.”
World’s largest exchanges Nasdaq and NYSE has also shown interest in cryptocurrencies and mulling starting crypto trading or even a crypto exchange in the future.
However, according to Tessler, Deutsche Börse is first trying to understand the market before making an entry. Moreover, the regulatory stance of European authorities is also taken into consideration.
“Before we move towards the Bitcoin market, we want to make sure we understand the underlying transaction which isn’t the easiest thing to do.”
Also, read: Cryptocurrency to See Horde of Investors as Banks Become Riskier: Experts Claim
Back in December, there have been reports that the German exchange was planning to offer Bitcoin futures contracts. But it was also weighing the potential problems associated with them. Lack of regulation and high volatility are the primary reasons.
A few financial institutions have accepted digital currencies, such as CME Group Inc. and Cboe Global Markets Inc. the derivative companies that are major competition to the exchange.
Tesser believes the regulatory effect is very nascent in the crypto market right now as added by him:
“We want to understand the volatility and make sure clients are in line and make sure regulators are in line.”
Recently, Germany’s second-largest stock exchange, Börse Stuttgart announced the launch of world’s first crypto app backed by transitional stock exchange via its subsidiary.
Looks like no one wants to leave behind as financial institutions are rapidly jumping on the bitcoin bandwagon.
Currently, Bitcoin is experiencing a lot of red as it has come down to $7,430 price level. The entire crypto market is on a downward trend, however, today the market seems to be showing a lot of green as well.
What do you think of Germany’s largest exchanges working on cryptocurrencies? Share your thoughts with us!
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