German stock exchange Boerse Stuttgart, one of the largest exchange groups in Europe, has experienced a substantial increase in revenue from its cryptocurrency services in 2024.
According to Boerse Stuttgart group CEO Matthias Voelkel, the trading volumes of cryptocurrencies on Boerse tripled in 2024, contributing to 25% of the company’s revenues last year. This information was reported by the financial newspaper Barron’s, citing AFP.
By the end of 2024, Boerse held approximately 4.3 billion euros ($4.4 billion) worth of cryptocurrencies for its clients, with Bitcoin (BTC) accounting for about 50% of the total transactions.
The exchange attracted over one million clients, including both professional and retail investors, mainly from German-speaking countries.
In the report, Voelkel expressed an optimistic outlook on the crypto market, predicting that cryptocurrencies will continue to gain popularity. He attributed this to Bitcoin’s limited supply and the increasing demand from investors. The CEO also revealed that he personally invested in Bitcoin and praised its tamper-proof technology.
To expand its crypto services, Boerse has formed partnerships with liquidity providers and banks. Voelkel stated in Boerse’s official statement on Dec. 30 that they have become the regulated partner for trading and secure custody of cryptocurrencies for DZ Bank, the cooperative banking group, and the roll-out has already begun. He also mentioned their partnership with Amazon Web Services, which has laid the foundation for scaling their institutional crypto infrastructure for financial institutions across Europe. In collaboration with Munich Re, they have developed an insured staking offering for cryptocurrencies.
Voelkel questioned the belief that the deregulation of crypto promised by US President-elect Donald Trump would lead to the market relocating to the US. He stated that the market in Europe is benefiting from a positive dynamic, referring to the anticipated shift in crypto policy in the US.
Boerse Stuttgart introduced crypto trading services in 2019, starting with Bitcoin trading. Since then, the stock exchange has been expanding its crypto offerings, including Ethereum staking.
Cointelegraph reached out to Boerse Stuttgart for comment on the surge in crypto volumes but did not receive a response at the time of publication.
Cryptocurrency trading in the European Union is regulated by the EU’s Markets in Crypto-Assets Regulation (MiCA), which came into full force in late 2024. According to some executives, MiCA will be a significant step forward for the cryptocurrency industry, despite concerns about potential overregulation during its initial rollout.