Crypto Trading Venue Planned By Boerse Stuttgart And Axel Springer

Blockchain, News | March 28, 2019 By:

Boerse Stuttgart, Germany’s second-largest stock exchange, is collaborating with digital publishing giant Axel Springer SE and its subsidiary to establish a blockchain and crypto-related joint venture.

In an official press release, the companies said that they will work together to develop a trading platform powered by blockchain technology that will provide investors with direct and easy access to digital assets, such as cryptocurrencies. The trading venue, which will serve both retail and institutional investors, is set to launch in Germany first in summer of 2019.

The companies stated that they will establish a joint venture company based in Stuttgart, with an office in Berlin. Boerse Stuttgart will reportedly be the the majority shareholder in the joint venture company, while Axel Springer and will share a 30 percent stake. The Supervisory Board of the joint venture company will be composed of Alexander Höptner, Chairman of the Management Board of Boerse Stuttgart GmbH, Thomas Munz, Member of the Supervisory Board of Boerse Stuttgart GmbH, and Dr Valentin Schöndienst, Senior Vice President New Business of Axel Springer SE.

“The aim of Boerse Stuttgart Group is to focus sharply on retail investors and their needs,” Höptner said. “We have found ideal partners for this in Axel Springer as Europe’s leading digital publisher, and in the portal. Together we can offer investors comprehensive and integrated services for digital assets – from in-depth information to trading and custody.”

Dr Andreas Wiele, Member of the Executive Board of Axel Springer SE, said that the use of blockchain technology as part of their cooperation with Boerse Stuttgart Group is in line with their strategy of offering Axel Springer customers the entire range of services – from independently researched information right through to the investment process itself.

“Blockchain enables the digital transformation of the financial industry,” Schöndienst added. “Boerse Stuttgart has a proven track record in spearheading this development, which makes them the perfect fit for Axel Springer to shape and exploit new business opportunities in this field.”