The second-largest stock exchange of Germany, Börse Stuttgart is going to launch a crypto trading app by the end of this year. Sowa Labs, which is a subsidiary of Börse Stuttgart revealed the application on Friday, and said, the app would be available for use from September; also, the app will provide trading support for the following cryptocurrencies:
The official website of the app also says that more assets will be coming soon. The app is called “Bison,” and users will be allowed to download it for free. According to the developers of the app, Binson will not charge additional trading fees. Plus, the app’s prototype will be demoed in Stuttgart during a trade-show this week.
Crypto Trading App
The app is initially designed to offer easy means for investors so that they can gain exposure to the crypto markets. According to the Sowa Labs, the Bison app is going to be the first cryptocurrency trading app that is being supported by a stock exchange and will be the first one to be released by a German company as cryptocurrency stock exchange.
The managing director of Sowa Labs, Ulli Spankowski, said in a statement:
“Bison makes trading in digital currencies easy. It is the first crypto app in the world to have a traditional stock exchange behind it.”
Last year, the exchange developed Sowa Labs, in the month of December and took 100% of its interest in the Ulm-based startup. Even though the accurate figure hasn’t been known, some reports say that the price of the acquisition was in the millions of euros. The progress also shows the current instance of a traditional stock exchange going into the cryptocurrency trading game via subsidiary.
The operator of TMX (Canadian stock exchange company), announced last month that its very-own subsidiary had ‘struck a deal’ for setting up a cryptocurrency brokerage. The brokerage will focus on; bitcoin and ether and will be set to launch in the middle of 2018. The prototype for Bison was unveiled at Invest, which is a German finance and investment trade fair. Reports say, the German version of Bison is scheduled for release in autumn, and after it gets lauched, Börse Stuttgart will announce an English version of it.