German Stock Exchange keen to add Bitcoin
Deutsche Boerse, the owner of the German Stock Exchange in Frankfurt, is considering introducing cryptocurrency products.
Speaking on Wednesday at an industry event in London, the firm’s head of clients, products and core markets, Jeffrey Tessler, said, “We are deep at work with it.”
Any move into the cryptocurrency market by the German Stock Exchange may not be immediately forthcoming, however.
According to a report by Bloomberg, the publication quotes Tessler as saying:
“Before we move forward with anything like bitcoin we want to make sure we understand the underlying transaction which isn’t the easiest thing to do.”
In comparison, Tessler added during the event that Deutsche Boerse is “not at the same stage.”
The company, he explains, is first trying to understand the volatility of the Bitcoin market.
From there, the firm plans to make sure clients and regulators are “in line” before it will move forward with any Bitcoin offerings, he added.
While a move into Bitcoin products is yet uncertain, the German stock exchange is already active in the Blockchain space.
Deutsche Boerse revealed plans last June to utilize Blockchain technology for the majority of its post-trade services.
It the time, the company said that it was focusing on creating a system that uses Hyperledger’s open-source Fabric protocol.
The platform will be used to move securities and transfer commercial bank money, while still assuring cross-jurisdictional regulator compliance.
As recently as March this year, the financial group announced it is developing a platform using R3’s Corda Blockchain technology for efficient securities lending.
“These assets are in heightened demand due to the implementation of bank regulations for liquidity, mandatory clearing and margin requirements for OTC derivatives,” the exchange said.