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German Stock Exchange Changes Stance on Bitcoin Market

While cryptocurrency market has been at full swing since its introduction, some companies are still wary of incorporating the technology within its system. Deutsche Boerse (DB) is among these companies.

However, because of other businesses have already integrated it, DB is reportedly working on the possibilities of the tech’s application. Jeffrey Tessler, DB’s head of clients, products, and core markets, said in an industry event that the company is trying to deeply understand how cryptocurrency operates. While relatively late, the doubts of DB surrounding the innovation isn’t surprising since the subject is quite complex.

“Before we move forward with anything like Bitcoin we want to make sure we understand the underlying transaction which isn’t the easiest thing to do,” Tessler admitted. Meanwhile, the company’s rivals, CBOE and CME, https://cointelegraph.com/news/cme-bitcoin-futures-launch-possible-economic-outcomeshave already integrated cryptocurrency on its platform. CME launched Bitcoin futures in December 2017. The project became effective on December 17 and trading began the next day. The maneuver came after CBOE released its own Bitcoin future just a week prior.

The futures contract enables investors to enter the Bitcoin ecosystem without having to own the cryptocurrency. Instead, it functions as a tracker that will monitor the rise and fall of the market until the contract expires. CBOE’s first contract expired on Jan 17, 2018, while CME expired on Jan 26, 2018. This move is considered an unprecedented event and analysts say that it will have a significant impact on the Bitcoin economy and cryptocurrency as a whole.

In March, Tessler mentioned that the volatility of the crypto market prevented the German company to enter the sphere. But the recent announcement proves that DB has changed its stance. Tessler also remarked that they are behind their above-mentioned rivals saying that they are “not at the same stage” as CME and CBOE.

However, the company has already involved itself with blockchain experiments in March, shaking hands with HQLAx, a liquidity management firm. The tandem aims to create a blockchain-centered service for securities lending using R3’s Corda platform.

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