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Börse Stuttgart, ECB cut settlement time in blockchain test
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2024-10-01 08:10:44
Josh O"Sullivan13 hours agoBörse Stuttgart, ECB cut settlement time in blockchain testBörse Stuttgart Group’s blockchain test, in collaboration with the European Central Bank, aims to revolutionize securities transactions by reducing settlement times to minutes.765 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBoerse Stuttgart Group, the second-largest exchange in Germany, has completed testing of secondary market transactions using blockchain technology in cooperation with the European Central Bank (ECB).
Per a news release shared with Cointelegraph, this development marks the group’s first “settlement of exchange transactions with blockchain-based securities against central bank money.” “The settlement solution was linked to the Deutsche Bundesbank"s trigger solution and thus to the traditional euro payment system.“
Related:Deutsche Börse-owned Crypto Finance gets German licenses, parent readies exchange launchSettlement with tokenized securities
The test was conducted as part of the ECB’s exploration into blockchain tech and involved six partner banks: Commerzbank, Deutsche Bank, DZ Bank, LBBW, Bankhaus Metzler and V-Bank.
Using Boerse Stuttgart Group’s blockchain-based settlement solution, the institutions tested various transactions involving five tokenized securities, including bonds, funds and shares.
Focused on “the interoperability of blockchain and central bank money,” the settlement time was reduced “from two days to just a few minutes.”“The tests showed that the settlement processes can be mapped automatically, step by step and directly between the trading participants – efficiently, securely and without counterparty risk.”
Related:Germany seizes 47 crypto exchanges tied to ‘underground economy’Digital market implications
The pilot project explored individual cases and multiple transaction scenarios to allow for a broad assessment of blockchain tech implications in real-world market conditions.
The tests simulated normal operational environments, including exceptional cases, to provide a well-rounded understanding of the reliability of blockchain integration in digital markets.
In addition to Boerse Stuttgart’s crypto custody service, Euwax, a German broker, contributed to the test findings and the ECB’s effort to assess blockchain applications in capital market transactions.
Related:Greens’ push to end German cryptocurrency tax exemption sparks debateDZ Bank integration
On Sept. 19, DZ Bank partnered with Boerse Stuttgart Digital to integrate the group’s regulatory infrastructure and technical elements for the bank’s new crypto services.
Boerse Stuttgart Digital helped facilitate DZ Bank’s operational elements. The first bank connections are planned by the end of 2024.
The collaboration will enable about 700 cooperating banks under DZ Bank’s umbrella to provide retail customers with digital asset access.
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