Online Broker FlatexDegiro Goes Crypto With Boerse Stuttgart
European broker FlatexDegiro is to provide clients in Germany and Austria with access to trading major cryptocurrencies through their flatex accounts by the end of Q3 2022.
Customers will initially be able to trade bitcoin, ethereum, litecoin, ripple, bitcoin cash, chainlink and uniswap on Boerse Stutgart’s Bison retail platform, with access to more currencies and other European markets to be added over time . Blocknox, a subsidiary of Boerse Stuttgart Group, handles custody of cryptocurrencies on an escrow basis, while Solarisbank handles Bison’s free euro accounts.
Frank Niehage, CEO of flatexDegiro comments: “Cryptocurrencies add a key element to our already very wide product range. With the Robo-Advisory offer 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 long-term protection of our clients, especially in such a young and volatile asset class as cryptocurrencies.”
The largest online retail broker in Europe, FlatexDegiro currently serves two million clients, for which it handled 91 million securities transactions in 2021. Over the next five years, the company has set itself the goal of reach up to eight million accounts and 350 million transactions per year.