Although people have gradually come to accepting cryptocurrencies, financial institutions such as banks and stock market are yet to go the same path.
One such institution is the Deutsche Boerse (DB) which is the German stock exchange. Although they are open to the perks of integrating blockchain, they are still cautious, when it comes to cryptocurrencies.
Jeffrey Tessler, DB’s head of clients, products, and core markets, said in an industry event that the company is trying to deeply understand how cryptocurrency operates. While relatively late, the doubts of DB surrounding the innovation isn’t surprising since the subject is quite complex.
Tessler admitted, “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.” However, it must be noted that the company’s peers-companies such as Chicago Board Options Exchange (CBOE) and CME- have already taken a step towards accepting cryptocurrency as a norm. Both these companies launched bitcoin futures in December 2017, just a week ahead of each other.
The futures contract or cryptocurrency derivatives do not include holding any actual cryptocurrency. They just monitor or track the prices of the cryptocurrencies in the market. IN CBOE and CME’s cases, their futures contracts expired around the same time in January.
Interestingly not all stock exchange in Germany feel this way. Last month, the country’s second largest stock exchange, Börse Stuttgart, launched a new cryptocurrency trading app.
On the occasion, Sowa Labs MD Ulli Spankowski had said: “Bison makes trading in digital currencies easy. It is the first crypto app in the world to have a traditional stock exchange behind it.”
Sowa Labs is the FinTech arm of German stock exchange Börse Stuttgart. Börse had acquired it last year in December for “millions of euros” in an undisclosed deal.
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