Germany’s second-largest stock exchange, Börse Stuttgart is launching crypto trading services for four cryptocurrencies this summer via Bison app which has been claimed to be the first crypto app backed by a traditional stock exchange.
World’s first crypto app backed by a traditional stock exchange
The ninth largest stock exchange of Europe, Börse Stuttgart (SWB) which is the second largest stock exchange of Germany is introducing crypto trading through its subsidiary. The exchange handles the trading volume of about $100 billion which has launched the crypto trading app Bison.
The stock exchange, Börse Stuttgart stated:
“Bison simplifies trading in digital currencies. It is the world’s first crypto app, behind which stands a traditional stock exchange. The prototype of the app already exists, the finished product will be available for free from autumn.”
Before going live in the September as per the Bison website, the company is holding a competition that presents a chance to win about three bitcoins (BTC).
Initially, the trading pairs of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) will be made available, while more cryptocurrencies will be added in future.
The app points out that they won’t be charging any additional trading fees while providing a news feed that
“analyzes more than 250,000 tweets from the crypto community every day and summarizes the most important information for you.”
Traditional institutions making a move towards crypto industry
Claimed to be the first such app released by a German company, the app will provide a simple means for the investors to get the exposure to the crypto market.
At the German finance and investment trade fair, Invest in Stuttgart, the prototype of the Bison will be presented.
In the translated version of the official announcement, the stock exchange states:
“So far, investing in Bitcoin, Ether & Co. has been anything but easy. Bison consistently breaks down barriers: The app is easy to use, the user interface is available in German, later also in English.”
Moreover, the app will further reduce the complexity and time taken in opening a user account that usually takes several days is now possible in a few minutes through Bison.
The reason behind Bison is the recent survey that presents investors’ want to have an easier access to the crypto market which Börse Stuttgart offers through the app.
Recently, NASDAQ also powered a crypto exchange that will be utilizing its technology. However, Börse Stuttgart’s role is far more direct and significant making it the first prominent traditional stock exchange to enter the crypto space.
A shift is certainly going on in the crypto market where mainstream industry players and institutional investors’ are increasingly moving in the crypto industry, which is likely to expand substantially with the introduction of a suite of tools by Coinbase.
What are your views on established stock exchanges making their way into the crypto market? Share your thoughts with us!
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.