In a recent announcement, Germany’s second largest stock exchange announced that they will be developing a variety of cryptocurrency related ventures as the company furthers its ventures into the cryptocurrency industry.
Boerse Stuttgart explained that they would be developing an ICO platform, a trading platform, and a custodial service for cryptocurrencies, saying:
“In addition to BISON, there will be an ICO platform, a trading venue and custody for cryptocurrencies // services along the value chain are offered under one roof. Boerse Stuttgart Group is creating an end-to-end infrastructure for digital assets. After the start of cryptocurrency trading via BISON, there will soon be a platform for initial coin offerings (ICOs), a multilateral trading venue for cryptocurrencies as well as solutions for safe custody. Boerse Stuttgart Group thus continues to pursue its digitization strategy and is becoming a pioneer for the digital transformation of financial markets and financial products.”
The development of these crypto-related services comes after the exchange announced its Bison trading app in April of this year. The Bison app 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.
A unique feature offered by the Boerse will be the ICO platform, which will allow the issuance of digital tokens for a variety of purposes. Boerse Stuttgart explained the ICO platform in the announcement, saying:
“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”.
Other major retail stock exchanges are beginning to enter the cryptocurrency markets, with the recent news of the owner of the New York Stock Exchange launching a Bitcoin trading market.