Germany’s Second Largest Stock Exchange Launches Crypto Trading Mobile App
The second largest stock exchange in Germany, Borse Stuttgart, has announced that it has launched a crypto trading app for residents in the country. The app offers free-of-charge trading in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and XRP. The fast and secure app, known as BISON, was released after a year of development. It is currently available for download on iOS and Android devices.
How BISON Makes Money
BISON makes its money from the spread between the buying and selling prices displayed.
Safe Custody of Digital Assets
Sowa Labs GmbH, a subsidiary of Borse Stuttgart Digital Ventures GmbH, developed the app. Users willing to use the service need to register via the app and prove their identity by video-identification. After this is approved, they can then transfer their funds to the app and commence trading. The app also includes safe custody for the acquired cryptocurrencies.
However, crypto trading on the app will initial not be a 24 hour affair. Users can trade on BISON from 6.00 to 24.00 hours (CET) Monday to Sunday. With time, trading will be available 24 hours. More cryptocurrencies will also be added and BISON will be available in other EU countries outside Germany.
Dr. Ulli Spankowski, CEO of Sowa Labs GmbH, explained the future plans of the app as follows.
These will include the extension of trading to 24 hours a day, seven days a week, and additional trading functionalities.
We will also enable trading in further cryptocurrencies, which will be selected considering criteria such as market capitalisation, customer interest and whether they can be kept in safe custody.
About Borse Stuttgart
Borse Stuttgart is the second largest stock exchange in Germany. The firm offers the trading of traditional investment assets such as equities, securitized derivatives, bonds, investment fund units and profit participation certificates. Boerse Stuttgart is ranked tenth among European exchanges with a trading volume of € 81 billion across all asset classes in 2017 and a turnover of € 71.2 billion from all trading activities in 2018.
Back in mid December last year, the stock exchange announced that it will be developing a crypto trading platform in collaboration with Solaris Bank. The latter would provide the exchange will all the necessary banking services.
What are your thoughts on Borse Stuttgart launching a mobile app for crypto trading? Does this signal an increased interest in crypto trading by traditional stock exchanges across the globe? Please let us know in the comment section below.