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March 12, 2024 - The Deutsche Börse Digital Exchange (DBDX) has successfully launched its trading operations, with ICF Bank and Bankhaus Metzler being the first clients to execute pilot transactions on the platform. During these initial trades, the crypto-asset Ether was exchanged for euros (ISIN: EU000A2YZK75). DBDX currently supports trading in Bitcoin and Ether.
As pilot clients, ICF and Metzler access DBDX, which is tailored for institutional market participants, through Deutsche Börse's T7 trading architecture. The platform currently operates on a Request for Quote (RfQ) basis. While DBDX manages the trading venue, Crypto Finance handles the settlement and custody of crypto assets.
Dr. Carsten Rössner, Chief Operations & IT Officer at ICF BANK, stated: "We are delighted to have processed the first cryptocurrency trades on the T7 trading architecture of Deutsche Börse Digital Exchange DBDX and custody infrastructure of Crypto Finance. Trading technology and, in particular, the use of a secure DLT infrastructure are an important step for our company in the further development of our trading offering and the efficiency of secure settlement processes."
Mario Mattera, Member of the Executive Board of Metzler Bank, said: "We are seeing an increasing institutional adoption of blockchain technology in the financial sector. Participating as a pilot client of Deutsche Börse offers us the opportunity to support our long-standing partner in building a Digital Exchange and to prepare our processes for potential offerings. At the same time, we are emphasizing the strategic focus on blockchain within Metzler, which has been institutionalised with the establishment of the 'Digital Assets Office'."
Miryusup Abdullaev, Managing Director of DBDX, commented: "The successful launch of DBDX is a decisive first step towards a fully regulated and secure ecosystem for trading, settlement and custody of crypto assets, where market participants benefit from the existing technical connectivity. I look forward to further expanding this new ecosystem together with our customers. We thank our pilot clients, ICF Bank and Metzler, as well as the teams of Deutsche Börse Group for their commitment to achieving this milestone together."
DBDX, a crypto spot platform that provides institutional clients with access to digital assets, was introduced last week. The platform offers a regulated environment for trading, settlement, and custody of crypto assets, all accessible from a single point of entry. Trading is conducted using the T7 trading architecture, which is also employed by Xetra trading, Börse Frankfurt, Eurex, European Energy Exchange (EEX), and the Bombay Stock Exchange, among others.
