Boerse Stuttgart exchange plans to add litecoin, ethereum, and XRP euro pairs to the end of this year – UPDATED
Germany’s second-largest stock Boerse Stuttgart exchange (BSDEX) has started a regulated trading venue for digital assets, the company said. It is a fully regulated digital asset exchange under the German Banking Act, said the company in a statement. In the beginning, BSDEX will trade one pair, only the bitcoin-euro.
In late 2018, the company revealed that it wants to launch a fully regulated digital asset exchange. In the same announcement, BSDEX stated that institutional and retail investors from Germany will have the chance to trade, but later it will be opened for the investors in the whole EU. The trading will be accessible 24/7 like other exchanges on the globe.
According to CoinDesk, Boerse Stuttgart exchange plans to add litecoin, ethereum, and XRP euro pairs, besides Bitcoin, to the end of this year.
“The market in cryptocurrencies is worth billions, and more digital assets will emerge on the basis of blockchain,” CEO Dr. Dirk Sturz revealed in the statement. “Our goal is to build up the leading European trading venue for those assets.”
Boerse Stuttgart Exchange partnered with SolarisBank
“BSDEX will give retail and institutional investors direct access to digital assets and provide flexible and relatively low-cost trading. We believe blockchain is set to bring about significant changes in the financial industry, and we want to leverage its potential to create the trading venue of the future,” stated Peter Grosskopf, CTO at BSDEX.
About a year ago BSDEX announced it will launch the ICO platform and began to trade ETNs and litecoin.
No Brokers Needed
According to the press, the trading won’t need brokers. The traders will have access to the platform directly. That is nice, but they limited userbase and restricted trading options. For now, traders may set the market and limit orders, but ASAP the rest of the possibilities will be accessible.
“Earlier, BSDEX has launched Bison. Bison is a mobile app that lets users trade Bitcoin, Ethereum, Litecoin, and XRP for euros. BSDEX’s trading platform is a sign of its new strategy to open the path for the trading of tokenized assets,” the reports say.
This is important news for anyone who would like to invest or trade cryptocurrencies. A true step forward.
Our concern is restrictions and limitations. But let’s not be so suspicious. What about giving them a chance? It looks like a reasonable decision. But will keep an eye on it.
What we can say is that Bitcoin’s adoption continues. Nice venture.
From 25 February 2020, new ETPs that track the inverse value of Bitcoin is available on the Boerse Stuttgart Exchange. It is still connected to the Euro.
This tracker product’s value represents the inverse performance of the Bitcoin as an underlying asset. Meaning, when the price of Bitcoin drops, the ETP increases, minus management fee for daily trade. The product is completely hedged with the underlying asset 1:1. The launch of the first inverse is presented as a natural extension to the existing unleveraged range of crypto ETPs. Boerse Stuttgart stated that it offers a bigger choice to investors. This choice lies in the possibility for investors to better manage the grown volatility and changes in the cryptocurrency markets.