Börse Stuttgart To Develop Blockchain-Powered Trading Platform
German Stock Exchange Börse Stuttgart says is joining with Axel Springer and finanzen.net to create a joint venture company.
Börse Stuttgart, Germany’s second-largest stock exchange, plans to collaborate with digital publisher Axel Springer and finanzen.net, the country’s popular online financial news site, to develop a trading platform powered by blockchain technology.
It was reported that the new trading platform is intended to give users “direct and easy access” to virtual currency and other digital assets. According to the company’s press release, “The partners will be combining their offerings in the area of digital assets. Investors will find all the services they need for their investments – from information to trading – bundled on a single platform.” Axel Springer says it will use its expertise to help develop a sustainable business model for the new platform.
The new platform is expected to place customers and investors’ needs front and center. To achieve this goal, the new blockchain-powered platform will not just offer customers a place to trade in different currencies, including crypto. According to Dr. Andreas Wiele, part of Axel Springer’s executive board, it will also provide “customers the entire range of services – from independently researched information right through to the investment process itself.”
Börse Stuttgart states that its collaboration with finanzen.net is an extension of the well-established relationship between the companies’. Thse development of the new blockchain-powered trading platform is the first step in creating a “joint venture company,” which will be headquartered in Berlin and will be responsible for operating the new trading platform. The Börse Stuttgart Group will be the majority shareholder with a 70 percent in the venture company, while Axel Springer and finanzen.net will share a 30 percent stake.
While the German exchange is putting the needs of retail investors first, the platform will also be open to institutional investors. The blockchain-based trading platform is scheduled to launch this summer. However, approval from “responsible committees and antitrust authorities” must be gained before the joint venture company can begin operations.