flatexDEGIRO AG, which claims to be Europe’s largest and “fastest-growing” retail online broker and Boerse Stuttgart Group, Europe’s sixth largest exchange group, recently announced the signing of a Memorandum of Understanding (MoU) on a partnership in crypto trading.
This will “give flatexDEGIRO customers direct access to trading in major cryptocurrencies via convenient and direct in-app access from flatex and DEGIRO with an accelerated onboarding process.”
For this purpose, Boerse Stuttgart Group “provides its integrated offer in the crypto business, with uncomplicated trading via the retail platform BISON and use the secure crypto custody service operated by the custodian blocknox.”
The aim is “to launch first at flatex Germany and Austria by the end of the third quarter of 2022, followed by the expansion of the offer to all DEGIRO customers.”
Frank Niehage, CEO of flatexDEGIRO:
“As the European market leader in online stock trading, cryptocurrencies add a key element to our already very broad product range. Together with the Robo-Advisory offering planned for summer 2022 via our partner Whitebox, flatexDEGIRO will offer its customers the most comprehensive product range of all European online brokers. For us, taking this step with such a renowned and trustworthy partner as Boerse Stuttgart Group was an indispensable requirement for the sustainable protection of our customers, especially in such a young and volatile asset class as cryptocurrencies.”
Dr Matthias Voelkel, CEO of Boerse Stuttgart Group.
“As the leading European exchange group in the crypto sector, we are pleased to have gained the leading European online broker flatexDEGIRO as a partner. The partnership is part of our strategy to continue to grow as a regulated and integrated provider of crypto services, in both the retail and institutional markets,”
Muhamad Chahrour, CFO of flatexDEGIRO and CEO of DEGIRO:
“flatexDEGIRO enables more than 300 million Europeans to take control of their financial future with easy and secure access to the capital market – without restrictions or lazy compromises. Thanks to our technical edge, we offer our customers the broadest product range in the industry on one of the most convenient and stable platforms – at the lowest prices, especially in the most important European growth markets.”
Dr Ulli Spankowski, Chief Digital Officer of Boerse Stuttgart Group and Head of BISON:
“Our partnership with flatexDEGIRO creates enormous added value for customers: They benefit from easy processes, attractive transaction costs and custody of cryptocurrencies free of charge. We can jointly unlock new investor groups and serve their growing interest in digital assets,”
The admission of further cryptocurrencies will “follow in the next months. Only the spread between the displayed buying and selling prices is charged.”
There are “no additional costs for customers, for example for deposits or withdrawals of cryptocurrencies. blocknox GmbH, a subsidiary of Boerse Stuttgart Group, takes care of the custody of cryptocurrencies on an escrow basis.”