This German Exchange Just Opened the Floodgates for Institutional Crypto Trading

by Damian Chmiel
  • Deutsche Börse enters the crypto space with an institutional-grade trading venue.
  • The first transactions on Ethereum vs. the euro have already been conducted.
Deutsche Börse

Germany's leading stock exchange operator, Deutsche Börse, has successfully launched its regulated crypto spot trading platform, DBDX. This marks a significant milestone in the growing institutional adoption of digital assets.

Deutsche Börse Launches Crypto Trading Platform DBDX

The platform has already facilitated its first transactions, with ICF Bank and Bankhaus Metzler trading and settling the cryptocurrency Ethereum against euros.

Initially, DBDX will offer trading in Bitcoin and Ethereum on a request-for-quote basis, with multilateral trading to follow.

"We have processed the first cryptocurrency trades on the T7 trading architecture of Deutsche Börse Digital Exchange DBDX and custody infrastructure of Crypto Finance," said Dr. Carsten Rössner, the Chief Operations and IT Officer at ICF BANK.

However, this is not Deutsche Börse's first contact with cryptocurrencies . Four years ago, the company launched Bitcoin-backed ETPs on its electronic trading platform Xetra. Today's launch confirms the information reported by Finance Magnates last week that the exchange operator is preparing to launch its own crypto platform.

"We are seeing an increasing institutional adoption of blockchain technology in the financial sector," Mario Mattera, the Member of the Executive Board of Metzler Bank, added.

There are already quite a few cryptocurrency exchange-traded instruments in Europe. Still, they have not enjoyed the same popularity as the Bitcoin ETFs introduced in the United States two months ago. The new DBDX platform aims to change the perspective of major players on cryptocurrency assets and popularize them in the Old Continent as well.

Regulated Crypto Ecosystem in Europe

DBDX aims to provide a fully regulated and secure ecosystem for trading, settlement, and custody of crypto assets from a single access point.

While Deutsche Börse operates the trading venue, its subsidiary Crypto Finance provides settlement and custody services.

"Our new solution is a game changer for digital ecosystems. We aim to provide trusted market operations for crypto assets, ensuring transparency, security, and regulatory compliance for institutional clients in Europe," said Carlo Kölzer, the Head of FX & Digital Assets at Deutsche Börse.

The launch of DBDX aligns with Deutsche Börse's Horizon 2026 strategy to play a leading role in the digital asset ecosystem.

Trading Activity Declined at Deutsche Börse in 2023

While Germany's leading stock exchange operator is improving in the crypto space, it has reported a decrease in trading volumes across its cash markets for the year 2023. According to the company's recently released statistics, the total trading turnover on the Xetra and Frankfurt Stock Exchange platforms amounted to €1.2 trillion, reflecting a drop of 21% compared to the €1.6 trillion recorded in 2022.

The monthly trading figures for December 2023 painted a mixed picture. While the total trading volume of €97.4 billion marked a decline from the €104.5 billion reported in November, it represented an improvement over the €92.01 billion recorded in December 2022.

Despite the dip in trading activity, Deutsche Börse had a strong financial performance in the previous year. The company's 2022 annual report highlighted an improvement of 24% in both revenue and profits. Net revenue climbed to €4,338 million, up from €3,509 million in 2021, while EBITDA surged to €2,525 million from €2,043 million.

In its most recent quarterly report for Q3 2023, Deutsche Börse Group demonstrated resilience, with revenues rising 9% to €1,188.3 million compared to €1,090.2 million in the same quarter of the previous year.

Germany's leading stock exchange operator, Deutsche Börse, has successfully launched its regulated crypto spot trading platform, DBDX. This marks a significant milestone in the growing institutional adoption of digital assets.

Deutsche Börse Launches Crypto Trading Platform DBDX

The platform has already facilitated its first transactions, with ICF Bank and Bankhaus Metzler trading and settling the cryptocurrency Ethereum against euros.

Initially, DBDX will offer trading in Bitcoin and Ethereum on a request-for-quote basis, with multilateral trading to follow.

"We have processed the first cryptocurrency trades on the T7 trading architecture of Deutsche Börse Digital Exchange DBDX and custody infrastructure of Crypto Finance," said Dr. Carsten Rössner, the Chief Operations and IT Officer at ICF BANK.

However, this is not Deutsche Börse's first contact with cryptocurrencies . Four years ago, the company launched Bitcoin-backed ETPs on its electronic trading platform Xetra. Today's launch confirms the information reported by Finance Magnates last week that the exchange operator is preparing to launch its own crypto platform.

"We are seeing an increasing institutional adoption of blockchain technology in the financial sector," Mario Mattera, the Member of the Executive Board of Metzler Bank, added.

There are already quite a few cryptocurrency exchange-traded instruments in Europe. Still, they have not enjoyed the same popularity as the Bitcoin ETFs introduced in the United States two months ago. The new DBDX platform aims to change the perspective of major players on cryptocurrency assets and popularize them in the Old Continent as well.

Regulated Crypto Ecosystem in Europe

DBDX aims to provide a fully regulated and secure ecosystem for trading, settlement, and custody of crypto assets from a single access point.

While Deutsche Börse operates the trading venue, its subsidiary Crypto Finance provides settlement and custody services.

"Our new solution is a game changer for digital ecosystems. We aim to provide trusted market operations for crypto assets, ensuring transparency, security, and regulatory compliance for institutional clients in Europe," said Carlo Kölzer, the Head of FX & Digital Assets at Deutsche Börse.

The launch of DBDX aligns with Deutsche Börse's Horizon 2026 strategy to play a leading role in the digital asset ecosystem.

Trading Activity Declined at Deutsche Börse in 2023

While Germany's leading stock exchange operator is improving in the crypto space, it has reported a decrease in trading volumes across its cash markets for the year 2023. According to the company's recently released statistics, the total trading turnover on the Xetra and Frankfurt Stock Exchange platforms amounted to €1.2 trillion, reflecting a drop of 21% compared to the €1.6 trillion recorded in 2022.

The monthly trading figures for December 2023 painted a mixed picture. While the total trading volume of €97.4 billion marked a decline from the €104.5 billion reported in November, it represented an improvement over the €92.01 billion recorded in December 2022.

Despite the dip in trading activity, Deutsche Börse had a strong financial performance in the previous year. The company's 2022 annual report highlighted an improvement of 24% in both revenue and profits. Net revenue climbed to €4,338 million, up from €3,509 million in 2021, while EBITDA surged to €2,525 million from €2,043 million.

In its most recent quarterly report for Q3 2023, Deutsche Börse Group demonstrated resilience, with revenues rising 9% to €1,188.3 million compared to €1,090.2 million in the same quarter of the previous year.

About the Author: Damian Chmiel
Damian Chmiel
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About the Author: Damian Chmiel
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
  • 1369 Articles
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