Many countries are enacting stringent laws to discourage issuers from rolling out tokenized ICOs. Germany, though, is on the flip-side. It’s encouraging institutions to embrace and explore unlocked blockchain potential. To this end, Germany’s second largest stock trading platform, Börse Stuttgart concluded all the necessary arrangements to churn out and launch its tokens.
Börse Stuttgart disclosed in a press release last week that plans are underway to not only launch its services on blockchain, but also develop a multilateral virtual currency trading platform. In May, the German exchange disclosed its plan to release a zero-fee digital currency trading app, Bison. Börse Stuttgart, whose trading volume sits at €81 billion (approx. $95 billion), stated that the public-oriented crypto trading app will release in September.
Strategizing to develop an ICO platform and an on-chain stock marketplace, the exchange is targeting both primary and secondary markets. Giving more insight into how the exchange plans to run the new business, Börse Stuttgart notes that the primary ICO platform will facilitate representation of digital assets and rights, corporate financing, and token issuance. On the other hand, the exchange will focus on making the available services tradable in the secondary market.
The exchange’s CEO, Alexander Höptner, said the move to develop the crypto-asset trading platform came to be in order to provide institutional and retail investors with a regulated and reliable trading ecosystem for digital currency trading. Höptner says that the platform will also enable tokens issued by the exchange that will trade against the secondary market. He adds the platform will be able to house existing digital currencies (BTC, ETH, etc) and emerging digital assets.
Developed by a data analytics startup, Sowa Labs, Bison will enable traders to carry out important trading on the go. This will create convenience to such trading. Börse Stuttgart acquired Sowa Labs in December 2017 as a part of broader road map to actualize their digital transitioning.
Apart from trading cryptocurrencies, the latest trend shows more stock market exchanges exploring the possibility of leveraging the robust and secure blockchain technology to make their platforms more secure and efficient in service delivery. Take, for instance, a recent Cointelegraph report. It shows that the South Korean financial regulator, Financial Supervisory Service (FSS), is calling on other regulatory agencies and firms. They want them to research and develop blockchain technology in order to deploy the innovative technology in local stock markets.
Join our Telegram Group To Stay Up To Date With Crypto News
One of the top performing cryptocurrencies of the day is REPO. REPO (REPO) is currently up 72.75% compared to USD…
As the world is moving towards Blockchain, gaming giant Atari too wants to dip its toe into the emerging technology.…
Private equity firm GSR Capital has hired tZERO, an Overstock.com subsidiary, to develop digital token for trading cobalt. Overstock said…
On Monday, December 17th, Gulf News reported that the advisory council of the United Arab Emirates Banks Federation (UBF) can adopt blockchain use…
France's financial regulatory watchdog - Financial Market Regulator (AMF) is working aggressively to bring down unauthorized crypto companies. The AMF…
There's a flood of new stablecoins hitting the cryptocurrency space in the last few months. A stablecoin is basically a…