Forward-thinking financial institutions are not oblivious to the fact that bitcoin and the nascent asset class it represents may indeed be the future of finance. In a bid for the future, Börse Stuttgart, the second largest stock exchange in Germany and the ninth largest in Europe, has launched its cryptocurrency trading app.
The fintech arm of Germany’s second-largest stock exchange is putting the finishing touches on its cryptocurrency app and has promised users it would go live before the end of 2018.
Sowa Labs, a subsidiary of the exchange, gave clients a sneak peek into the app on April 13, 2018, and has declared it will be available for customers later in September. The virtual currency trading mobile app will be called Bison.
Once available, interested users will be able to download it from their app stores free of charge. For starters, Bison will support only a few established cryptos such as bitcoin, ether, ripple, and litecoin. However, the developers have assured users that more altcoins will be added to the platform shortly.
According to its developers, the one feature that sets Bison apart from other apps in the crypto trading ecosystem is that it offers users a no-fee trading experience. A prototype of the Bison app will be on display during a trade show in Stuttgart.
Germany Leading the Euro Crypto Movement
Apart from offering zero fees to traders, if the Bison app successfully goes live in September 2018, Börse Stuttgart will add its name to history as the first stock exchange to offer clients cryptocurrency trading services.
“It is the first crypto app in the world to have a traditional stock exchange behind it,” said Sowa Labs Managing Director, Ulli Spankowski.
Generally speaking, Europe is now occupying the front row in the crypto revolution due to the region’s favorable legislation regarding the virtual currency industry.
On March 2, 2018, BTCManager reported that the German Federal Ministry of Finance had categorized bitcoin as legal tender for tax purposes, treading an entirely different path from the United States, and some others that see blockchain-powered virtual currencies as securities.
Malta is another nation with a vibrant cryptocurrency and blockchain environment, with quite many digital currency based businesses moving to the country in recent times.
On April 12, 2018, leading cryptocurrency exchange, OKEx announced it was migrating to the island nation, in a bid to take advantage of the region’s friendly stance on the virtual currency ecosystem.
The exodus has just begun. In the coming months, many more credible firms may relocate to crypto-friendly nation-states, contributing immensely to the tech ecosystem of these governments, leaving the countries with harsh and unreasonable regulations behind in the innovation.