The second largest stock exchange in Germany, the Stuttgart Exchange Group and the banking institute SolarisBank are joining forces to create infrastructure for a zero-fee crypto exchange. While some digital currency fanatics welcome large banking establishments into the crypto-affray, others believe it goes against the…
The second largest stock exchange in Germany, the Stuttgart Exchange Group and the banking institute SolarisBank are joining forces to create infrastructure for a zero-fee crypto exchange.
While some digital currency fanatics welcome large banking establishments into the crypto-affray, others believe it goes against the decentralized nature of cryptocurrency. However, you cannot stop the market from evolving and moving towards higher levels of financial integration.
Although the Stuttgart Exchange Group announced back in May that a zero-fee crypto exchange trading app was on their wish list, we are now starting to see the infrastructure of the project starting to take shape. The German exchange giants are collaborating with the German fintech firm and banking platform SolarisBank, to make the vision a reality.
The combined efforts of the two companies will culminate in a new crypto exchange that is currently penned in to launch in the first half of 2019. The exchange will utilize the SolarisBank financial platform to be the cornerstone of the project.
The Stuttgart Exchange has been in operation since 1860 and is now the ninth largest stock exchange in Europe, which will give the new zero-fee crypto exchange a boost in terms of trust, reliability, and confidence.
The news was reported in a press release on Wednesday that outlined some of the nuances in regards to the collaborative effort from the Stuttgart Exchange and SolarisBank.
The CEO of SolarisBank, Roland Folz was very upbeat about the partnership and the potential of this new project by saying:
“A reliable and efficient trading platform is an elementary contribution to [their] vision of a hybrid financial world with both fiat and cryptocurrencies.”
Bridging the gap between the fiat and crypto sectors seems to be the main goal of the project. A secure exchange that will offer protection for up to 100,000 Euros that will be supervised by the German regulatory bodies BaFin and Bundesbank will be available.
The press release also mentions that trading options for both Bitcoin (BTC) and Ethereum (ETH) will be available, alongside an ICO platform that was announced earlier this year and is already under construction.
As major financial institutions and the crypto industry come closer together, collaborative projects such as this zero-fee crypto exchange will become more common, which is great news for potential investors who currently seek more trust and reliability.
Featured image from Shutterstock.
Last modified: January 24, 2020 10:49 PM UTC