Boerse Stuttgart Group, the second-largest exchange in Germany, announced on Wednesday that it has teamed up with solarisBank, a Berlin-based fintech company that holds a German banking license, to develop a cryptocurrency exchange.
Specifically, solarisBank will help Boerse Stuttgart develop the trading system for its cryptocurrency platform which is expected to launch in the first half of next year. Furthermore, solarisBank will act as the exchange’s banking platform.
Commenting on the partnership, Alexander Höptner, the CEO of Boerse Stuttgart GmbH said: “With its combination of technology and banking expertise, solarisBank is a great partner for us to offer central services along the value chain for digital assets. solarisBank’s Blockchain Factory supports us in taking trading in crypto currencies and tokens to the next level and in setting new standards in transparency and reliability.”
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The cryptocurrency exchange builds upon an earlier announcement from the exchange where the company said it planned to release a zero-fee crypto trading application this year, which was developed with fintech startup Sowa Labs.
Boerse Stuttgart crypto exchange to initially offer BTC and ETH
According to the statement, the cryptocurrency exchange will initially offer established cryptocurrencies such as Bitcoin or Ethereum for trading. In addition, once the initial coin offering (ICO) platform the exchange is developing is live, users will also be able to trade tokens issued there on the secondary market. When it launches, the cryptocurrency exchange will be open to private and institutional investors.
“Boerse Stuttgart Group and solarisBank share the ambition to shape the future of the financial industry. A reliable and performant trading venue is a fundamental contribution to our shared vision of a hybrid financial world with both fiat and crypto currencies. We are very pleased that Boerse Stuttgart Group chose our Blockchain Factory around Peter Grosskopf and Michael Offermann as its trusted partner,” added Roland Folz, the CEO of solarisBank.