The world’s first Germany-based regulated trading venue for digital assets, Boerse Stuttgart Digital Exchange [BSDEX], has introduced trading of Ethereum [ETH], Litecoin [LTC], and XRP against the Euro.
Boerse Stuttgart is Germany’s second-largest stock exchange, with the platform introducing its crypto-trading platform in 2019 after offering a trade on the world’s largest digital asset, Bitcoin, against the Euro. Now, the exchange platform is expanding this list by offering popular altcoins Ethereum [ETH], Litecoin [LTC], and XRP. Further, it is also introducing the addition of a new feature to transfer these alts from a private wallet to BSDEX.
German laws and BSDEX
In November 2019, German banks were given the green light to receive, store, and sell digital assets from 2020. Even though the banks are currently required to use “external custodians or special subsidiaries” to store crypto, the bill proposed eliminating the requirement for banks to use third-party custodians.
Boerse Stuttgart’s decision to open its crypto-trading platform followed the passage of this bill. The company had then said,
“The BSDEX meets the regulatory requirement in accordance with section 2, paragraph 12 of the German Banking Act (Kreditwesengesetz) and is operated as a multilateral trading facility by Baden-Wuerttembergische Wertpapierboerse GmbH, which also is the operating company for the public stock exchange in Stuttgart.”
It should also be noted that the technical operator of BSDEX is Boerse Stuttgart Digital Exchange GmbH, a joint venture of Boerse Stuttgart GmbH, Axel Springer SE, finanzen.net GmbH, and SBI Crypto Investment.
Trading Bitcoin, Ethereum, Litecoin, and XRP
The exchange is offering free deposits and withdrawals of all tradable cryptocurrencies with varying fees based on the order type. This is an add-on to attract customers, especially from pre-established foreign exchanges. The financial services provider EUWAX AG is responsible for increasing liquidity by providing buying and selling prices.
The CEO of Boerse Stuttgart Digital Exchange GmbH, Maximilian von Wallenberg, added,
“We are continuously screening for which cryptocurrencies we can offer reliable and transparent trading at BSDEX. After Ethereum, Litecoin and XRP, further cryptocurrencies and, in the future, other digital assets will follow.”
Boerse Stuttgart had also introduced a crypto-trading application called Bison in 2019, and it can be used to buy and sell all tradable cryptos listed on the platform.