Deutsche Börse Launches Institutional Crypto Trading Platform DBDX
Summary:
Germany's Deutsche Börse has launched its own digital asset trading platform, Deutsche Börse Digital Exchange (DBDX), targeting institutional clients. The platform was developed in partnership with custody provider, Crypto Finance, offering a secure and regulated trading and custody environment for digital assets. The firm initially intends to implement a Request for Quote (RfQ) model, before moving to a multilateral trading facility. The development comes as part of Deutsche Börse's Horizon 2026 strategy to lead in the digitalization of asset classes.
Deutsche Börse, a renowned German securities exchange, has now successfully launched its very own digital asset trading platform, specifically designed to serve institutional customers. The grand unveiling of Deutsche Börse Digital Exchange (DBDX) took place on the 5th of March. The exchange services came about through a partnership with Crypto Finance, a custody provider. The platform provides an ecosystem that is regulated and guarantees secure trading, settlement, and custody of digital assets. According to Deutsche Börse, the DBDX will start its trading operations based on a request-for-quote (RfQ) model where select suppliers or contractors are invited to provide quotes. After this phase, a multilateral trading facility is set to follow, enabling the exchange of financial instruments between numerous parties. Plans are in place for DBDX to extend its digital asset trading services to clients in Germany and across the European market. Carlo Kölzer, Deutsche Börse’s head of digital assets, emphasized that this initiative is a ground-breaking achievement for digital ecosystems. He aspires to build reliable and regulated market operations for digital assets that assure transparency and security for its European institutional clientele. He added that the DBDX plays a crucial role in the Horizon 2026 strategy of Deutsche Börse as it aims to be at the forefront of the digitalization of asset classes. The securities firm initially announced its plans to create a digital asset platform back in 2023. Crypto Finance managed to attain four licenses from BaFin, the German financial regulator, in February. This accreditation has helped pave the way for legal and regulated offering of digital asset trading, settlement, and custody services within Germany, which was a necessary prerequisite for inaugurating the DBDX. Cointelegraph has reached out to Deutsche Börse for their feedback on the DBDX launch, but no response has been received as yet. This venture of Deutsche Börse further solidifies its welcoming attitude towards digital currencies. Xetra, Deutsche Börse’s electronic trading system, has already listed numerous cryptocurrency-related financial products like Bitcoin (BTC) and Ether (ETH) exchange-traded products, supplied by big-name European issuers like 21Shares. Moreover, the securities exchange continues to investigate how blockchain could potentially enhance operations such as securities financing.
Published At
3/5/2024 1:20:56 PM
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