As a first step, trading on the Deutsche Börse Digital Exchange (DBDX) will take place on a Request for Quote basis, followed by multilateral trading.

Deutsche Börse operates the trading venue using existing connectivity to market participants. The newly minted German arm of Swiss company Crypto Finance will provide settlement and custody services.

Carlo Kölzer, head of FX & digital assets at Deutsche Börse, comments: “We aim to provide trusted market operations for crypto assets, ensuring transparency, security, and regulatory compliance for institutional clients in Europe. This enhances market integrity and security. Crypto Finance, with its digital native capabilities in trading, settlement, and custody for crypto assets, will be a key part of the value chain. It is a first step towards realising Deutsche Börse’s ambition in the Horizon 2026 strategy to play a leading role in the digitalisation of asset classes.”

At the end of 2023, Deutsche Börse Group reaffirmed its intention to create a digital asset platform as part of its Horizon 2026 strategic goals. In February, the German regulatory authority BaFin granted Crypto Finance (Deutschland) GmbH four licences which include regulated digital asset trading, settlement, and custody services in Germany. This was another prerequisite for the launch of the platform, which had previously received a Multilateral Trading Facility (MTF) licence.

Elsewhere in Germany, Boerse Stuttgart has connected 40 institutional clients of WealthTech platform Profidata to its digital platform for trading and setlement of crypto assets. The brokerage system, Boerse Stuttgart Digital, will be integrated into Profidata’s investment management software, through an API interface in the firm's order management systems.