Boerse Stuttgart Digs Deeper into Crypto with New ICO Platform, Trading Venue

The second largest German stock exchange revealed a plan for expansion in cryptocurrency trading launching new services that include custody operations.

One of the leading European stock exchanges, Boerse Stuttgart, is expanding its reach in the crypto market announcing a plan to develop an Initial Coin Offering (ICO) platform, a cryptocurrency trading venue, and custody services, the exchange said in a press-release published on Thursday.

In April, Boerse Stuttgart presented BISON, a mobile cryptocurrency application that will be launched this autumn but after receiving demands from institutional and retail investors, the company decided to expand its crypto services to primary and secondary markets.

“An ICO platform will allow the issuance of digital tokens, for corporate financing or to represent rights and assets, for instance,” the Boerse explained.

ICO is the cryptocurrency crowdfunding model for raising capital by giving tokens to investors. The German stock exchange plans to enable the selling and buying of these tokens on the new cryptocurrency trading venue after the ICO is completed. The venue will also offer the popular digital coins like Bitcoin (BTC) and Ethereum (ETH), the stock exchange said without revealing which criteria it will use for the selection of the virtual currencies.

“We will help to promote acceptance of digital assets […] In designing the strategic projects we closely cooperate with all competent boards and committees, and especially with the supervisory authorities” Alexander Hoptner, CEO at Boerse Stuttgart GmbH, said in the press-release.

The ICO platform and the trading service will start after the launch of BISON while the custody service should go live before the mobile app. BISON will target all types of investors, from newcomers to experienced ones by offering a free for downloading English and German language mobile application.

In March, Deutsche Boerse Group, the owner of Eurex exchange teamed up with British liquidity and collateral management firm HQLAx to launch a blockchain-based securities lending platform. Last month, the Swiss Stock Exchange (SIX) said that it will use the cryptocurrency technology for establishing a trading service that will tokenize traditional financial instruments.