As engagement in digital currency continues to grow, Bankhaus Scheich has connected to Boerse Stuttgart Digital Exchange (BSDEX) as its first institutional participant that is not a part of Boerse Stuttgart Group.
As a liquidity provider at Germany’s first regulated trading venue for digital assets, Bankhaus Scheich provides buying and selling prices – initially for the Bitcoin-Euro pair, with the other tradable cryptocurrencies Ethereum, Litecoin and XRP soon to follow.
BSDEX is operated in accordance with Section 2, paragraph 12 of the German Banking Act (Kreditwesengesetz) as a multilateral trading facility by Baden-Wuerttembergische Wertpapierbörse GmbH, which also is the operating company for the public stock exchange in Stuttgart.
For cryptocurrency custody, Bankhaus Scheich uses the services of blocknox GmbH, a subsidiary of Boerse Stuttgart Digital Ventures GmbH.
Maximilian von Wallenberg, CEO of Boerse Stuttgart Digital Exchange GmbH, commented: “With its legal framework and its stable, scalable technology, BSDEX meets institutional players’ requirements in the field of digital assets. We are delighted that Bankhaus Scheich is now connected as a liquidity provider and will further improve the trading quality at BSDEX.”
Trading in Bitcoin, Ethereum, Litecoin and XRP against Euro at BSDEX is available almost 24 hours, seven days a week. Open order books provide information on existing orders and the current market situation.
Along with Bankhaus Scheich, financial services provider EUWAX AG, a subsidiary of Boerse Stuttgart GmbH, also acts as a liquidity provider at BSDEX. At BSDEX, there are transaction fees based on the type of order. Deposits and withdrawals of the tradable cryptocurrencies are free of charge at BSDEX.
Björn Weigel, Head of Digital Assets at Bankhaus Scheich, added: “The cooperation with BSDEX is a logical and consistent step in our strategy with regard to digital assets. We are confident that, with this very innovative partner and based on our expertise from more than 35 years of securities trading, we will make the emerging asset class of cryptocurrencies accessible to regulated banks and financial service providers.”
Expert Analysis: Uniting with the exchange marks the continued progress of Bankhaus Scheich, the collaboration is well-positioned to accelerate growth and build on the rapid rise of digital currency across Europe.