European broker FlatexDegiro is to provide customers in Germany and Austria with access to trading in major cryptocurrencies through their flatex accounts by the end of the third quarter of 2022.
Clients 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 on a phased basis. Blocknox, a subsidiary of Boerse Stuttgart Group, takes care of the custody of cryptocurrencies on an escrow basis, while Solarisbank handles Bison's free-of-charge euro accounts.
Frank Niehage, CEO of flatexDegiro comments: "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."
The largest retail online broker in Europe, FlatexDegiro currently services two million customers, for whom it processed 91 million securities transactions in 2021. Within the next five years, the company has set a target of reaching up to eight million accounts and 350 million transactions per year.