Boerse Stuttgart Digital Exchange

What Boerse Stuttgart Digital Exchange does

Boerse Stuttgart Digital Exchange (BSDEX) is the official cryptocurrency trading venue of the Boerse Stuttgart Group, operated by Baden-Württembergische Wertpapierbörse GmbH and headquartered in Stuttgart, Germany. Founded in 2019, the company runs a regulated multilateral trading system (MTF) under § 2 Abs. 12 of the German Banking Act (KWG) and EU MiCAR Article 3(1) No. 16 lit. b and No. 18, offering transparent open order books for trading 10 cryptocurrencies (Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, Uniswap, Chainlink, Cardano, Polkadot, Solana) against the Euro. Account opening is fully self-serve via online video identification, and the platform is accessible through the web at bsdex.de and an iOS mobile application. Cryptocurrency custody is provided by the group affiliate Boerse Stuttgart Digital Custody GmbH in fiduciary capacity, without third-party lending of client assets.

Name

Boerse Stuttgart Digital Exchange

Legal name

Baden-Württembergische Wertpapierbörse GmbH

Website

https://bsdex.de

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Boerse Stuttgart Digital Exchange (BSDEX) is a regulated German cryptocurrency exchange operated by the Boerse Stuttgart Group, offering Euro trading of 10 digital assets via transparent open order books to retail and institutional clients under EU MiCAR and German KWG authorization.

Ownership category

akta.pro rank

Product category

Digital Asset Exchange (Cryptocurrency Exchange)

NAICS

Securities and Commodity Exchanges (5232), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Centralized Crypto Exchanges (CEX) (FSAPADAA)

akta.pro secondary industries

Spot Crypto Exchanges (Order-Book & Matching Engine) (FSADAAAA), Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG), Sanctions Screening & Watchlist/PEP Screening (Crypto) (FSADALAC)

Keywords

• Cryptocurrency exchange
• Digital asset trading
• Multilateral trading system
• Crypto custody services
• Regulated crypto brokerage

Headquarters

HQ city

Stuttgart

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Cryptocurrency Transaction Fees: BSDEX charges a single transaction fee of 0.20% per trade. No hidden costs, no account fees, no withdrawal fees mentioned. Only transacting customers pay; there is no subscription or recurring revenue component.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Boerse Stuttgart Digital Exchange (BSDEX) operates a regulated German multilateral trading system that enables trading of 10 cryptocurrencies (including Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, Uniswap, Chainlink, Cardano, Polkadot, and Solana) against the euro with transparent open order books and a 0.20% transaction fee. Customer digital assets are held in segregated custody by Boerse Stuttgart Digital Custody GmbH, and euro balances are held by Solaris SE and Deutsche Bank AG under statutory deposit insurance, with EUWAX AG acting as Designated Liquidity Provider.

Product overview

BSDEX operates as a unified cryptocurrency exchange platform under the Börse Stuttgart Group, offering a single integrated trading product — the BSDEX Trading Platform — alongside a dedicated custody service (Boerse Stuttgart Digital Custody) and a MiCAR Transparency Data Service. The trading platform handles buying and selling of 10 cryptocurrencies (Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, Uniswap, Chainlink, Cardano, Polkadot, Solana) via transparent open order books, with custody handled separately by Boerse Stuttgart Digital Custody GmbH. The MiCAR data service provides pre-trade and post-trade transparency data required under EU Markets in Crypto-Assets Regulation.

Differentiator

Problem solved

Functional benefit

Products and services

• BSDEX Trading Platform A regulated German multilateral trading system (MTF) operated by Börse Stuttgart, offering retail and institutional clients the ability to buy and sell 10 cryptocurrencies (Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, Uniswap, Chainlink, Cardano, Polkadot, and Solana) against the euro through transparent open order books, with a flat 0.20% fee per trade and full digital onboarding via video identification.
• Boerse Stuttgart Digital Custody A multi-layered security custody service provided by Boerse Stuttgart Digital Custody GmbH that holds all BSDEX customer cryptocurrency assets in Germany on a fiduciary basis, with no lending of assets to third parties.
• MiCAR Transparency Data Service Pre-trade and post-trade data service published in compliance with EU MiCAR, offering delayed market transparency data for crypto-asset trading on BSDEX.

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core.

• Boerse Stuttgart Digital Custody GmbHcoreTechnology or IntegrationCustody partner that holds all BSDEX customer cryptocurrency assets in a fiduciary capacity via a multi-tiered security concept. Cryptocurrencies are not lent to third parties. This is the sole custodian for both purchased and deposited crypto assets on BSDEX.
• EUWAX AGcoreTechnology or IntegrationDesignated Liquidity Provider acting alongside other market participants to continuously provide bid and ask prices (bid-ask spreads) for consistently high trading quality. A company of the Boerse Stuttgart Group and a regulated financial services provider.
• Solaris SEcoreStrategic or Co-development PartnerBanking partner that provides free custody of Euro balances. Part of the German banking infrastructure supporting BSDEX's Euro operations. Deposits are protected up to €100,000 per investor per bank under statutory deposit insurance.
• Deutsche Bank AGcoreStrategic or Co-development PartnerBanking partner for Euro custody alongside Solaris SE. Euro balances are protected up to €100,000 per investor per bank under German statutory deposit insurance.
• Boerse Stuttgart GroupcoreStrategic or Co-development PartnerParent group of Boerse Stuttgart. BSDEX leverages the group's long-standing expertise in securities trading, transparency, and liquidity management. Operated by Baden-Württembergische Wertpapierbörse GmbH, part of the Boerse Stuttgart Group.

Scale indicators1 record

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Coinbase: Coinbase is the largest US-listed regulated crypto exchange, offering spot trading, custody, and staking across hundreds of assets. It is a broader incumbent in the same regulated CEX category as BSDEX and competes for the same German/EU institutional and retail flow that BSDEX targets.
• Binance: Binance is the world's largest crypto exchange by volume, currently restricting services in Germany under MiCAR. It is a broad incumbent setting the competitive ceiling on liquidity, fees, and asset coverage that BSDEX must address in the German market.
• eToro: eToro is a multi-asset broker offering crypto, stocks, and ETFs with strong European retail presence. It competes with BSDEX for the same German retail traders seeking a regulated, multi-asset platform with crypto exposure.

Direct peers

• Bitstamp: Bitstamp is a long-standing European regulated crypto exchange (Luxembourg-based) serving retail and institutional clients with EUR pairs. It is the closest direct peer to BSDEX in geography, regulatory profile, and EUR-denominated spot trading offering.
• Bitpanda: Bitpanda is an Austrian-headquartered regulated European crypto broker and exchange with a wide asset catalogue and EUR trading pairs. It directly competes with BSDEX for German-speaking retail and institutional clients seeking MiCAR-compliant venues.
• Kraken: Kraken is a global regulated crypto exchange with a strong European presence and MiCAR-aligned operations. It directly competes with BSDEX in spot crypto trading, custody, and institutional services for the same German and EU customer base.

Regional players

• Tradegate Exchange: Tradegate is a German retail-focused exchange owned by Deutsche Börse that complements traditional securities trading. It is comparable to BSDEX as a German-regulated retail trading venue, though it does not yet offer the same depth of crypto-asset services.

Others

• Solaris SE: Solaris SE is the German Banking-as-a-Service platform that provides EUR custody to BSDEX. It is an enabling infrastructure partner rather than a competitor, but comparable as part of the same regulated German crypto-finance stack.

Emerging players

• Trade Republic: Trade Republic is a German-regulated mobile broker expanding from securities into crypto trading via partners. It is a near-adjacent German retail trading platform that could siphon the same customer base BSDEX targets with integrated securities and crypto offerings.
• BISON (Boerse Stuttgart Digital Group): BISON is the consumer crypto app of Boerse Stuttgart Digital Group, the same parent as BSDEX. While BSDEX offers a transparent order-book exchange, BISON serves a different retail slice with a simpler buy/sell UX, making them sister products targeting adjacent German retail segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/bsdex

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Boerse Stuttgart Digital Exchange