Börse Stuttgart teams up with Axel Springer for crypto trading venue

Getting your Trinity Audio player ready...

There are many cryptocurrency enthusiasts and proponents that are constantly wondering when more institutional money will flow specifically into cryptocurrency markets. In a move that certainly appears to be a positive sign in this direction, Germany’s second-largest stock exchange, Börse Stuttgart, is launching a cryptocurrency trading venue that will cater to both retail and institutional investors.

The initiative was announced on March 27, and means that investment services and trading will be powered using blockchain technology under one platform. The initiative includes the partnership of Börse Stuttgart with two other companies, Axel Springer and Finanzen.net. Börse Stuttgart will remain the majority shareholder in the venture. The idea is to become a resource for cryptocurrency investors and traders by not only offering a platform to trade digital assets, but also to offer “independently researched information,” as well.

The operation will be based in Stuttgart. Of course, the initiative will also have an office in Berlin, the capital and largest city of Germany, with a population of well over 3 million people. The platform is unnamed as of press time, but is expected to launch in the summer of 2019.

This actually isn’t the first time that Börse Stuttgart has shown its willingness to embrace blockchain and cryptocurrency. For those who stay on top of cryptocurrency markets, you might remember that the exchange launched a crypto trading app by the name of Bison several months ago. The app offered the opportunity for cryptocurrency traders to trade digital assets with zero fees. The app also included Cryptoradar, which analyzes thousands of cryptocurrency-related tweets daily in an effort to gauge social sentiment.

A study conducted in late 2018 concluded that younger Germans were more inclined to invest in cryptocurrencies, thanks to a poll by Consumer Centers. Consumer centers are non-profit government agencies that focus on consumer protection, for those who might be unaware. The poll included 1,000 respondents of Germans between 18 and 39—and 28% responded that they might invest in the sector.