Crypto Exchanges

Boerse Stuttgart Digital Exchange Adds Crypto Broker AG as LP

Crypto Finance Group has connected to Boerse Stuttgart Digital Exchange (BSDEX) as an institutional participant through its trading subsidiary, Crypto Broker AG.

Crypto Broker AG will act as a liquidity provider, initially for the Bitcoin-Euro pair, with cryptocurrencies Ethereum, Litecoin, and XRP soon to follow. The trading of these cryptos against the Euro available almost 24/7. Transaction fees based on the type of order. Deposits and withdrawals of cryptocurrencies are free of charge.

BSDEX is Germany’s first regulated trading venue for digital assets. It is operated in accordance with Section 2, paragraph 12 of the German Banking Act (Kreditwesengesetz) as a multilateral trading facility by Baden-Wuerttembergische Wertpapierbörse GmbH, which also is the operating company for the public stock exchange in Stuttgart.

Maximilian von Wallenberg, CEO of Boerse Stuttgart Digital Exchange GmbH, said: “BSDEX offers institutional players a reliable, automated connection to its trading venue with a highly scalable technology setup. We are pleased that with Crypto Broker AG, another leading institutional liquidity provider in Europe is now connected to BSDEX, which further enhances execution quality. The company is the technical operator of BSDEX and a joint venture of Boerse Stuttgart GmbH, Axel Springer SE, GmbH and SBI Crypto Investment.

Rupertus Rothenhäuser, CEO of Crypto Broker AG, commented: “As a FINMA-regulated brokerage firm, we are very pleased to provide deep liquidity and availability to the Boerse Stuttgart Digital Exchange. The Crypto Finance Group’s commitment to regulation and transparency in B2B asset management, trading, and custody of digital assets is strengthened by this partnership.”

In addition to the Crypto Finance Group, Bankhaus Scheich and financial services provider EUWAX AG, a subsidiary of Boerse Stuttgart GmbH, also act as liquidity providers.

Last year, Boerse Stuttgart Group’s crypto app, BISON, launched Bitcoin Cash as an additional tradable cryptocurrency and the possibility to transfer Litecoin from a private wallet to BISON.

The number of active users has grown by 110 percent to around 155,000 since the start of 2020. BISON makes its profit from the spreads between the buying and selling prices displayed, with no additional costs for users.

blocknox GmbH, another subsidiary of Boerse Stuttgart Digital Ventures GmbH, takes care of the custody of cryptocurrencies for users at BISON on an escrow basis.

The BISON app is available for 72 nationalities, provided that their principal place of residence is in the European Economic Area or Switzerland.

The service was established in the end of January 2019 for users of the BISON app and extended at the end of September 2019 for users of Boerse Stuttgart Digital Exchange (BSDEX). Now, the plan is to target institutional clients such as fintechs, banks, and asset managers through blocknox.