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Boerse Stuggart, the second largest stock exchange in Germany, has announced its plans to create a joint venture for digital asset trading with Axel Springer SE, the largest digital publishing house in Europe, and finanzen.net portal.
The announcement follows the launch of cryptocurrency trading app BISON by Boerse Stuttgart last month. In August 2018, Boerse Stuttgart announced its plans to create an end-to-end infrastructure for digital assets.
Boerse Stuttgart Group said that it is expanding its long-standing cooperation with finanzen.net – Germany's largest stock exchange portal with more than 3.47 million unique users. Axel Springer will bring its extensive experience in developing sustainable digital business models to the partnership.
Together, they are planning to combine their offerings and use blockchain technology to provide investors with direct and easy access to digital assets such as cryptocurrencies.
The partners aim to establish a joint venture company, which will operate a trading venue for digital assets on the blockchain. The company will be based in Stuttgart and with an office in Berlin. Boerse Stuttgart Group is expected to be the majority shareholder, while Axel Springer and finanzen.net will together hold 30 percent of the joint venture company.
“The aim of Boerse Stuttgart Group is to focus sharply on retail investors and their needs. We have found ideal partners for this in Axel Springer as Europe's leading digital publisher, and in the finanzen.net portal. Together we can offer investors comprehensive and integrated services for digital assets - from in-depth information to trading and custody,” Alexander Höptner, Chairman of the Management Board of Boerse Stuttgart GmbH.
According to the official release, the joint venture company is currently awaiting the approval of the responsible committees and antitrust authorities. The trading venue is slated to launch in Germany first in summer of 2019 and will serve both retail and institutional investors.
