What to know:
The German stock exchange, Boerse Stuttgart, which is among the country’s leading, has experienced a significant surge in its cryptocurrency trading sector over the past few years, accounting for roughly a quarter (25%) of its total earnings as of now, a representative from the company stated.
Last year’s end saw the cryptocurrency trading volume on our exchange group increase significantly, nearly tripling compared to the previous years, achieving an all-time high. As of 2024, the figure in custody for Boerse Stuttgart was approximately EUR4.3 billion ($4.45 billion).
The thriving crypto sector of the exchange is experiencing growth during a period when there’s a frenzy over potential Spot ETF launches in the U.S., resulting in investments totaling $36.2 billion in 2024.
As a researcher delving into the realm of digital currencies, I’ve come across an interesting fact: Bitcoin constitutes almost half of the total cryptocurrency earnings for a specific exchange, as per the assertion made by their CEO, Matthias Voelkel. This exchange, it seems, has been meticulously expanding its cryptocurrency trading platform over the past five years. The CEO shared this information with the global news agency Agence France-Presse (AFP).
It appears that the strategy of the exchange, aimed at drawing in both expert and casual investors from the German-speaking region, has been successful. This is evident as the platform has now amassed more than a million cryptocurrency trading users.
According to AFP reports, Voelkel personally decided to invest in Bitcoin, finding merit in the underlying blockchain technology and predicting its ongoing popularity.
Stuttgart Stock Exchange provides its services via a digital platform and the retail-oriented trading app called BISON. In the past year, it reported record earnings, which were approximately double the revenue the company had prior to the COVID-19 pandemic, as stated by their spokesperson in an email to CoinDesk.
Previously, they launched a completely insured cryptocurrency staking service on the BISON app, in collaboration with the German insurance heavyweight Munich Re and staking facilitator Staking Facilities.
The exchange continues to be dedicated to enhancing its crypto framework, providing dependable and fully compliant brokerage and safekeeping services for institutional clients in Europe, as stated by a representative. By 2025, we plan to broaden collaborations with more European banks, brokers, and asset managers, thereby facilitating the widespread acceptance of cryptocurrencies.
UPDATE (Jan. 15, 18:10 UTC): Story has been updated with comments from the exchange’s representative.
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2025-01-16 17:47