Börse Stuttgart Group (BSG), Germany’s second largest cryptocurrency exchange, also the ninth largest in Europe, will be launching a cryptocurrency trading platform with Solaris Bank in 2019.
Alexander Höptner, CEO of Börse Stuttgart Group in a Press Release, stated:
“With its combination of technology and banking expertise, solarisBank is a great partner for us to offer central services along the value chain for digital assets. solarisBank’s Blockchain Factory supports us in taking trading in cryptocurrencies and tokens to the next level and in setting new standards in transparency and reliability.”
Alexander was quite thrilled on entering the world of cryptocurrency trading, also appreciating the help of Solaris Bank in achieving the successful creation of the project.
In the initial stage, Börse Stuttgart Group’s trading venue will support two cryptocurrencies: Bitcoin and Ethereum; the cryptocurrencies will be available for trading to both the traders and investors. The Group also commented that once the platform is live, tokens issued there will be available for trading in the secondary market.
Furthermore, BSG also stated it is currently working on the development of a mobile trading application and also fee-free trading. The project titled, “BISON” is being developed with a software development bank, Sowa Labs.
Roland Folz, CEO of Solaris Bank, announced the successful collaboration with BSG, saying “We are very pleased that Boerse Stuttgart Group chose our Blockchain Factory around Peter Grosskopf and Michael Offermann as its trusted partner.”
The project is part of Solaris Bank’s “Blockchain Factory” program, a program that offers customers with specialized accounts only for blockchain-associated companies.
VPE WertpapierhandelsBank AG, a German Securities trading bank, collaborated with solarisBank, to launch a crypto trading service for institutional investors.
Meanwhile, another German crypto-banking startup declared that they are now starting their business for the pre-registered customers; the customers will be granted access to Bitcoin and Euro deposit accounts. With the execution of Solaris Bank’s banking license, euro funds will be protected up to a limit of 100,000 euros and will be supervised under Germany’s two banking regulations: BaFin and BundesBank.
Also, Börse Stuttgart is looking for regulatory approval for offering multilateral trading facility (MTF) for the platform’s crypto trading marketplace. MTF is a trading system that facilitates matching traders of financial instruments utilizing the electronic systems.