Börse Stuttgart, second largest stock exchange of Germany is partnering with Axel Springer, a European digital publishing titan, and its subsidiary Finanzen.net in order to jointly launch a blockchain-powered trading venue.
Börse Stuttgart ,announced the development in an official press release on March 27. Reportedly this new partnership is aimed at combining investment information services and a blockchain-powered trading venue under the canopy of one platform.
In 2018, Börse Stuttgart reported trading volumes of 71.2 billion euro. With this project, it is set to become the majority shareholder in a forthcoming joint venture company between the three partners. As for, Axel Springer and Finanzen.net will control 30 percent of the new firm, which is to be based in Stuttgart and run an office in Berlin.
Notably, Finanzen.net already has a long-standing cooperation with Börse Stuttgart. The press release further cites Axel Springer’s years of experience in creating sustainable digital business models, will work as a key asset to the new venture.
The official name for the new trading venue hasn’t been disclosed yet, it will reportedly serve both retail and institutional investors. It is set to launch initially in Germany in summer 2019. Meanwhile, the joint venture company is pending approval from the responsible committees and antitrust authorities.
The publishing cites Alexander Höptner, the chairman of the exchange’s management board, stating the new platform will aim to provide investors with “comprehensive and integrated services for digital assets – from in-depth information to trading and custody.”
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