Today Börse Stuttgart, publisher Axel Springer and investment website finanzen.net announced plans for a joint venture to create a digital asset platform. The aim is to provide investors with easy access to cryptocurrencies and other digital assets and to set standards in the emerging space.
“Together, we can provide investors with a comprehensive and integrated offering of digital assets – from in-depth information to trading and custody,” said Alexander Höptner, Chairman of the Management Board of Boerse Stuttgart GmbH.
The combination of partners means investors will find both information and trading opportunities on a single platform. Trading is set to start in the summer and the platform will target both private and institutional investors. A Börse Stuttgart spokesperson told Ledger Insights that the first phase will involve cryptocurrency trading, with a later plan to offer a broader range of digital assets.
In fact the Börse Stuttgart already has a cryptocurrency trading mobile app called BISON. The app was developed by a Börse Stuttgart subsidiary and the trading is run by another subsidiary.
The new joint venture will be 70% owned by Börse Stuttgart with the balance owned by the other two parties. Börse Stuttgart will chair the supervisory board and hold two out of three seats, with Axel Springer holding the third.
“Blockchain enables the digital transformation of the financial sector. The Börse Stuttgart has shown that it is an absolute pioneer here,” said Dr. Valentin Schöndienst, SVP New Business at Axel Springer. “This makes them the ideal partner for Axel Springer to help shape – and take advantage of – new business opportunities in this area.”
The project is subject to regulatory and antitrust approvals.
Börse Stuttgart claims to be the German market leader for exchange traded corporate bonds and the European market leader for securitized derivatives.
There are several digital asset trading initiatives taking shape around the world and especially in Europe. The Deutsche Börse announced a joint venture with Swisscom for a digital asset platform. In Switzerland SIX is expected to be the first to launch an exchange-owned digital asset platform this summer. In the U.S. NYSE owner ICE has set up Bakkt which has raised $182 million to date.
Update: the article was updated with details about BISON and spokesperson comments.