Crypto Trading App Unveiled By German Stock Exchange Subsidiarybr>
Boerse Stuttgart, Germany’s second-largest stock exchange, will be launching a cryptocurrency trading application later this year. Sowa Labs, a FinTech subsidiary of Boerse Stuttgart, unveiled the app on Friday.
Called Bison, the app is expected to be released in September, offering the public fee-free access to investment in cryptocurrencies. It will initially support trading of bitcoin, ethereum, Litecoin, and XRP, with more to be added “soon.” Bison will be available in German and later in English.
Ulli Spankowski, Managing Director at Sowa Labs, said Bison will make trading in digital currencies easy. He said it is the first crypto app in the world to have a traditional stock exchange behind it.
“With Bison, also registering and providing proof of identity is less complicated,” said Spankowski. “Previously, opening a user account normally took several days, but with Bison, activation for trading only takes a few minutes. There is no need for crypto wallets, and Bison does not charge any trading fees. Users can trade cryptocurrencies free of charge with the app. Another innovative feature of the app is the Cryptoradar service, which uses artificial intelligence to filter the glut of news in social media. It gives a general view of the market in real-time and provides information on which cryptocurrencies are currently being discussed.”
Boerse Stuttgart acquired a 100 percent stake in Sowa Labs when it purchased the firm in December 2017, two months after setting up a new digital division – dubbed Boerse Stuttgart Digital Ventures – to invest in and partner with promising startups.
In August 2017, it has been reported that the Moscow Stock Exchange was creating an infrastructure to trade cryptocurrencies such as bitcoin. The stock exchange was also reportedly pushing for the approval to introduce bitcoin futures. However, the Central Bank of Russia allegedly declined the proposal in December.
Last month, TMX Group, the operator of the Toronto Stock Exchange, announced plans to launch a cryptocurrency brokerage platform. The service will be offered through its Shorcan Digital Currency Network subsidiary and focused on bitcoin and ethereum. The project will be implemented in partnership with local FinTech startup Paycase.