Breaking itcoin News

Breaking Bitcoin News

Deutsche Boerse Becomes Second German Stock Exchange Embracing Crypto

written by

Deutsche Boerse Becomes Second German Stock Exchange Embracing Crypto

Support free journalists: > send a tip

Deutsche Boerse, the owner of the Frankfurt Stock Exchange, is evaluating whether to offer cryptocurrency products, according to Bloomberg.

If this is the case, this will be the second German stock exchange to make announcements this year regarding a move towards the adoption of cryptocurrency related products, after Boerse Stuttgart Digital Adventures announced the release of its Bison app in April.

Jeffrey Tellsler, Deutsche Boerse’s head of clients products and core markets, spoke to an industry event in London organized by the Association for Financial Markets in Europe on Wednesday suggesting that the company was “deep at work with it”. Tellsler went on to comment:

“Before we move forward with anything like Bitcoin we want to make sure we understand the underlying transaction which isn’t the easiest thing to do.”

The company’s rivals in the US, Cboe Global Markets Inc and CME Group Inc, became involved in Bitcoin futures last November, and due to regional regulation, no European company had been able to follow suit until this latest move, although he did admit that as yet Boerse Deutsche wasn’t at the same level.

Germany, along with France who is more supportive of ICOs, has been vocal within the EU in supporting blockchain technology and has joined 21 other countries in supporting initiatives with the aim of reinforcing local innovation.

Last June, Deutsche Boerse revealed a plan to move the majority of its post-trade services to a blockchain, using Hyperledger’s open-source Fabric protocol to transfer securities and move commercial bank money.

The firm is clearly moving into the crypto space arena with some urgency, following its announcement in March of a securities lending platform using R3’s Corda blockchain technology. Tellsler explained that before they could proceed, the firm needed to ensure that they understood the volatility of the Bitcoin market, and made sure clients and regulators were in line before moving forward.

In a recent Sowa Labs survey of 1,019 German crypto traders, 16.9% owned a single cryptocurrency, while 18.2% confessed to owning several. Of the respondents, 81% were male, 19% were female, and 54% were 35 years old or younger. More than 80% of respondents opened their first trading account from 2017 onward.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Read More Bitcoin News

   Advertisement