Germany’s second-largest stock exchange, Boerse Stuttgart, announced the launch of its new crypto trading app, called BISON, which aims to offer “simple, fast and secure trading in cryptocurrencies.”
Germans Can now Trade Crypto Using BISON
The newly launched BISON app enables investors to trade and securely store digital assets for free using their iOS or Android devices. According to a press release from Boerse Stuttgart, the German stock exchange has been developing the app for a year through its subsidiary Sowa Labs GmbH.
Using BISON, it only takes a few minutes to register and verify your identity via a video call. Next, users can transfer fiat currency into their BISON accounts and begin investing.
It is also important to note that BISON users are investing in actual cryptoassets and not in crypto CFDs as is the case on some trading apps. This is a testament to Boerse Stuttgart’s belief in and commitment to cryptocurrencies.
(Source: BISON App)
Users are also able to store their digital asset holdings on the app and are not required to use individual wallets for each app. However, users can transfer their holdings to personal wallets on request.
The crypto custodianship is handled by blocknox GmbH and the trading counterparty for all cryptoasset trades is EUWAX AG. Both are subsidiaries of the Boerse Stuttgart Group. SolarisBank AG handles the fiat currency payment processing and cash deposit custody.
Dr. Ulli Spankowski, CEO of Sowa Labs GmbH, said:
“BISON is the first cryptocurrency trading app from a provider in Germany. It enables free-of-charge trading in Bitcoin, Ethereum, Litecoin and Ripple (XRP). With BISON, we make trading in cryptocurrencies as simple as possible and break down entry barriers.”
BISON’s Twitter Analysis Tool
BISON also comes with a feature called Cryptoradar, which leverages artificial intelligence to analyze 250,000 tweets from the cryptocurrency community and filters them into a consumable format. This tool can be used by investors to gauge market sentiment as well as stay on top of market-moving news.
Planned upgrades of the app will include 24/7 trading and additional tradable cryptoassets. While the app is currently only available in Germany, it will be rolled out to other Europen countries throughout the year.
While a stock exchange-owned trading app that requires immediate ID verification upon sign up may not sound very appealing to the crypto-anarchists who started the cryptocurrency movement, Boerse Stuttgart’s app is another milestone for the acceptance of cryptoassets as a legitimate investment asset class. It will be interesting to follow the user uptake of BISON in a country with a high retail investor base.