The global digital asset exchange, Börse Stuttgart Group reported a significant increase in its annual trading volume for 2020. The exchange, which is Germany's second-largest, revealed that its trading volume saw a rise of roughly 25% to reach €248 billion ($301 billion) compared to the previous year. This increase is largely attributed to the rising interest and investment in cryptocurrencies, primarily Bitcoin and Ethereum.
The data shows an impressive surge in crypto trading volumes. For instance, Börse Stuttgart's Bison app, which is dedicated to cryptocurrency trading, registered a three-fold increase in trading volume. The app's volume skyrocketed from around €450 million ($547 million) in 2019 to €1.3 billion ($1.58 billion) in 2020. In addition, the number of active users of the Bison app also grew significantly, from 35,000 in 2019 to 206,000 by the end of 2020.
Moreover, Börse Stuttgart's digital exchange, BSDEX, which offers trading of Bitcoin, Ethereum, Litecoin, and XRP against the euro, also witnessed a considerable growth in trading volumes. BSDEX's trading volume increased from €13 million ($15.8 million) in its launch year, 2019, to over €1 billion ($1.2 billion) in 2020.
These figures clearly indicate a growing interest in digital assets among both casual and professional investors. This trend is not just limited to Germany but is part of a global surge in cryptocurrency trading. The increasing popularity of these digital assets can be attributed to their potential as a hedge against inflation, the recent institutional adoption, and the growing acceptance of cryptocurrencies as a form of payment.
Given these promising figures, Börse Stuttgart Group is now looking to further expand its digital offerings. The exchange has plans to introduce more cryptocurrencies to its existing portfolio and intends to launch new crypto-based investment products in 2021. This move is in line with the exchange's aim to become a one-stop-shop for digital assets, offering a wide range of products and services to cater to the evolving needs of its growing customer base.