The second largest stock exchange in Germany, the Stuttgart Exchange, in partnership with SolarisBank’s Blockchain Factory, is pressing ahead with plans for a cryptocurrency exchange that is “scheduled to launch in the first half of 2019.”
We are thrilled to announce our partnership with @boersestuttgart today! Together we are developing a cryptocurrency trading venue set to launch in 2019. Read the full press release here: https://t.co/9m6Z52HiRG
— solarisBank (@solarisBank) December 12, 2018
According to SolarisBank’s latest press release, BTC and ETH trading will initially be available to both retail and institutional investors. An integrated ICO platform is also underdevelopment and trading in any tokens issued there will also be possible in the secondary market.
The history of the two institutions behind the initiative are strikingly different. The Stuttgart Stock Exchange is part of the old guard of German finance, having been established in 1860 whilst SolarisBank was formed just three years ago with its so-called Blockchain Factory department only opening in June of this year.
As their name implies, Berlin-based SolarisBank holds a German banking license and utilises this to offer Banking as a Platform (BaaP) to a range of clients, with MasterCard featuring on its books. Earlier this year, they themselves raised $70 million in a Series B funding round from the likes of SBI Group, BBVA, Visa, and ABN AMRO’s Digital Impact Fund.
Alexander Hoptner, CEO of the Stuttgart Exchange 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… to take the trade in cryptocurrencies and tokens to a new level and set standards in transparency and reliability.”
Speaking on behalf of SolarisBank, CEO Roland Folz stated that both companies “…share the claim to shape the future of the financial sector. In our shared vision of a hybrid financial world, with both fiat and cryptocurrencies, a reliable efficient trading centre is a vital contribution.”