Deutsche Börse exchange debuts crypto platform for institutions

German exchange giant Deutsche Börse Group unveiled a crypto spot platform on Tuesday in a bid to capture the growing institutional market for digital assets 

Dubbed the Deutsche Börse Digital Exchange (DBDX), the platform is set to allow the trading, settlement and custody of crypto assets while utilizing “the existing connectivity to market participants,” the company said Tuesday.

It was not clear which crypto assets the platform would support. A firm spokesperson did not immediately return a request for comment.  

While Deutsche Börse operates trading on the new exchange, its subsidiary Crypto Finance is set to offer the settlement and custody services. Deutsche Börse acquired a majority stake in Crypto Finance in 2021.

Deutsche Börse last year labeled launching a crypto platform as part of its “Horizon 2026” strategy. Carlo Kölzer, Deutsche Börse’s head of foreign exchange and digital assets, called the new platform Deutsche “a game changer for digital ecosystems.”

“We aim to provide trusted market operations for crypto assets, ensuring transparency, security, and regulatory compliance for institutional clients in Europe,” he added in a statement.

Companies delving into the crypto space have been getting licenses from various European regulators after the European Union passed the Markets in Crypto-Assets (MiCA) legislation in April 2023. The MiCA regulations are expected to take effect later this year.

Read more: European securities regulator seeks limits on non-EU crypto firms

The German Federal Financial Supervisory Authority (BaFin) granted Crypto Finance four licenses in February for digital asset trading, settlement and custody services in Germany. 

BitGo and Commerzbank each received crypto custody licenses from the German regulator in November. Frankfurt-based Deutsche Bank, which applied for a German crypto custody license last year, said in September it was set to establish digital asset custody and tokenization services by teaming up with Switzerland-based Taurus. 

Deutsche Börse’s launch comes amid a crypto price rally that has brought bitcoin near its all-time high price of roughly $69,000, set in November 2021. 

The price of bitcoin stood at nearly $67,000 at 7:30 a.m. ET Tuesday — up 18% from seven days ago. Ether’s price has risen roughly 16% over the past week, reaching about $3,760 at that time. 

---

Get the news in your inbox. Explore Blockworks newsletters:

• The Breakdown: Decoding crypto and the markets. Daily.
• 0xResearch: Alpha in your inbox. Think like an analyst.