Bakkt Launch Triggers EU Stock Exchanges To Make Crypto Moves

As you probably know if you read the latest cryptocurrency news and updates from today, Bakkt launched the long-awaited Bitcoin futures trading market and took important steps towards traditional and institutional investors. Aside from the Bakkt launch, what’s interesting is that the futures market attracted European stock exchanges to make similar crypto moves.

On the same day when Bakkt launched its Bitcoin futures market, European stock exchanges are featured on many best cryptocurrency news sites for their initiatives. One of them is the second largest stock exchange from Germany, Boerse Stuttgart, which recently launched the Boerse Stuttgart Digital Exchange (BSDEX) which is Germany’s first regulated trading venue for cryptocurrencies right now.

Aside from the Bakkt launch and Boerse, the end-to-end exchange for digital assets named SIX Digital Exchange (owned by SIX Group which is the operator of the Swiss stock exchange SIX) launched a prototype of its digital exchange and central securities depository (CSD) ahead of the full launch which is expected in Q4 of 2020.

The Bakkt launch definitely triggered a lot of novelties on the European markets. As the German officials said, BSDEX can only connect selected users to the trading venue, where they can trade Bitcoin-Euro in a pair:

“We are opening BSDEX gradually to a larger group of investors. At first, it will be German residents who can connect to BSDEX. In the next step, BSDEX will be opened for investors in other countries of the European Union,” said Dirk Sturz, CEO of Boerse Stuttgart Digital Exchange.

BSDEX currently plans to add other trading pairs later this year. As the CEO of the company said, the stock exchange is now focused on adding support for Ether (ETH), Litecoin (LTC) and Ripple’s XRP token as trading pairs with Euro. “We will add further trading pairs depending on market feedback,” he noted.

The launch of BSDEX along with the Bakkt launch are major steps forward for the crypto market. As the head of Boerse Stuttgart’s BSDEX said when announcing future plans:

“The next step is the creation of a primary market platform that will allow companies the issuance of digital tokens, for corporate financing or to represent rights and assets, for instance. The platform will make it possible to issue tokens with standardised and transparent processes.”