In 2024, one of Europe’s largest stock exchanges, Boerse Stuttgart, experienced a substantial increase in revenue as a result of providing cryptocurrency services.
In 2024, crypto trading volumes on Boerse more than tripled, accounting for approximately a quarter of the company’s total revenues in the previous year, as stated by Matthias Voelkel, CEO of Boerse Stuttgart group, according to a report from Barron’s financial newspaper on January 15, which was sourced from AFP.
As a financial analyst, I can share that by the year-end in 2024, our platform had amassed an impressive cryptocurrency holding worth approximately 4.3 billion euros ($4.4 billion) on behalf of our clients. Among these transactions, Bitcoin (BTC) represented nearly half, making it a significant component of our overall crypto activity.
As a researcher, I found that our platform drew over a million individuals, hailing predominantly from German-speaking regions. Among these were both seasoned professionals and casual retail investors.
Boerse CEO is bullish on crypto
According to the report, Voelkel took an optimistic view of the cryptocurrency sector, forecasting that their popularity would increase significantly. He pointed out one key factor behind this prediction: the increasing demand from investors combined with Bitcoin’s fixed supply.
As a researcher, I recently learned from the CEO’s disclosure that he too has ventured into Bitcoin investments. He expressed admiration for the innovative, tamper-resistant technology underpinning this digital currency.
In order to broaden its offerings in the cryptocurrency sector, Boerse has been working on establishing relationships with liquidity suppliers and financial institutions such as banks.
In the digital economy, we are now the trusted partner for facilitating safe trading and storing cryptocurrencies for DZ Bank and the cooperative banking group. The implementation process has already started,” Voelkel mentioned in a press release on December 30th. Furthermore, he noted:
“Through our partnership with Amazon Web Services, we have laid the foundation for further scaling our institutional crypto infrastructure for financial institutions across Europe. In cooperation with Munich Re, we have developed an insured staking offering for cryptocurrencies.”
Voelkel questions crypto escape to the US amid Trump’s crypto deregulation
Voelkel raised doubts about whether the cryptocurrency industry would move to the U.S. solely due to the proposed deregulation by the incoming American President, Donald Trump.
According to reports, the CEO stated that the European market is currently experiencing a favorable momentum, likely due to the upcoming changes in U.S. cryptocurrency policies.
Back in 2019, as we mentioned earlier, Boerse Stuttgart launched cryptocurrency trading services, starting with Bitcoin. Since then, the stock exchange has grown its crypto services by introducing additional features, such as Ethereum staking.
CryptoMoon reached out to Boerse Stuttgart for a comment about the increase in their cryptocurrency trading volumes, however, they hadn’t responded before our article went live.
In the European Union, the trade of cryptocurrencies will be managed under the European Union’s Markets in Crypto-Assets Regulation (MiCA) by 2024. This means that all crypto trading activities will fall under MiCA’s jurisdiction at that time.
Some executives believe that MiCA (Markets in Crypto-Assets) will mark a substantial advancement for the crypto sector, even though there are apprehensions about excessive regulation during its early implementation phase.
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2025-01-15 16:48