The Stuttgart Stock Exchange has announced that its trading volume in 2024 grew exponentially thanks to cryptocurrencies, which accounted for 25% of its total revenue. Bitcoin contributed almost 50% of this revenue, attracting more than 1 million new customers.
According to an official statement, the cryptocurrency trading volume of the Stuttgart Stock Exchange, which is one of the major exchanges in Germany, will almost triple in 2024, accounting for around 25% of the group's total revenue.
Bitcoin, the world's most popular cryptocurrency, was the main driver of this success, contributing almost 50% of the revenue generated by this segment.
It is worth clarifying that in 2023, the Stuttgart Stock Exchange received the license from the German Federal Financial Supervisory Authority (BaFin) to operate as a cryptocurrency custodian, a crucial step that has allowed it to establish itself as a key player in the European digital asset market.
Under the Boerse Stuttgart Digital brand, the group has offered end-to-end solutions for cryptocurrency trading, custody and management, attracting both retail and institutional investors.
Growth driven by Bitcoin
Boerse Stuttgart Group CEO Matthias Voelkel highlighted that Bitcoin has been the main driver of the growth experienced by the market in the past year. He stated that Bitcoin has not only been the most in-demand cryptocurrency on the exchange, but has also proven to be a reliable asset for its clients. Voelkel stated in a interview The exchange has spent the last five years building its cryptocurrency business and customers are increasingly relying on its platform to access these digital assets in a secure and regulated manner.
Voelkel also acknowledged that interest in Bitcoin has been bolstered by growing institutional adoption and the entry into force of the European Union's Markets in Crypto-Assets Regulation (MiCA), which has provided a clear regulatory framework for the sector.
More than 1 million clients and 4.300 billion euros in custody
One of the most notable achievements of the stock market in 2024 was the surpassing of the mark of 1 million customers on its cryptocurrency trading platform. In addition, in terms of custody, the Stuttgart Stock Exchange currently manages around €4.300 billion in crypto assets, a significant increase from the €2 billion reported at the end of 2023. This growth reflects investor confidence in digital assets as well as the group’s ability to offer secure and scalable solutions on the market.
The success of the Stuttgart Stock Exchange in the cryptocurrency sector is also due to strategic collaborations with key players in the ecosystem. For example, in October 2024, the group announced a Alliance with Amazon Web Services (AWS) to improve the scalability of its crypto infrastructure. This collaboration has enabled the exchange to offer more robust services to banks, brokers and asset managers across Europe.
Furthermore, the partnership with Fenergo, a provider of AI-based compliance solutions, has streamlined its onboarding processes for institutional clients. This has been instrumental in attracting large banks such as DZ Bank and the Cooperative Banking Group, which have adopted Boerse Stuttgart’s solutions to offer cryptocurrency services to their clients.
A leader in the European crypto market
With the launch of MiCA and the growing demand for digital assets, the Stuttgart Stock Exchange is positioning itself as a leader in the European cryptocurrency market. Voelkel said that the exchange is committed to innovation and security and will continue to work to remain “the trusted partner” of institutions and retailers seeking to access this market in a safe and regulated manner.
Accordingly, the Stuttgart Stock Exchange wants to demonstrate that the combination of regulation, technology and strategic collaboration is the key to success. The exponential growth of the exchange’s cryptocurrency business in 2024 is a testament to the potential of digital assets in traditional markets, and with Bitcoin as the protagonist, this German market is laying the groundwork for the next wave of cryptocurrency adoption in Europe.
