17 May Germany’s 2nd Largest Stock Exchange To Launch Zero-Fee Crypto Trading App
The Stuttgart Börse, which reportedly has a trading volume of $100 bln, has announced it is launching a zero-fee smartphone crypto trading app, dubbed ‘Bison.’
Germany’s second largest stock exchange, the Stuttgart Börse, which reportedly has a trading volume of $100 bln, has announced it is launching a zero-fee cryptocurrency trading app, Thursday, May 17. The smartphone app, dubbed ‘Bison,’ will be free to use as of fall 2018, and has been developed together with fintech startup Sowa Labs.
Four cryptocurrencies – Bitcoin, Ethereum, Litecoin and Ripple – will be supported from the app’s launch, with additional digital assets promised “in the near future.” The interface and trading process aims at convenience, forgoing the need for crypto wallets or paperwork.
The platform also gives users an artificial intelligence (AI) data analysis tool, ‘Cryptoradar,’ which analyzes over 250,000 crypto-related tweets from the crypto sphere daily to give real-time insight into community sentiment. As of press time, Cryptoradar’s algorithm on the Bison website shows Bitcoin, Ethereum, Litecoin as neutral, with Ripple edging towards the positive spectrum.
A prototype of the app was presented today at the finance and investment trade fair Invest in Stuttgart, with Dr Ulli Spankowski, Managing Director at Sowa Labs, commenting that Bison “is the first crypto app in the world to have a traditional stock exchange behind it.’ Sowa Labs claims that their survey of over 1,000 participants showed that the majority of investors would like “easier” access to the crypto markets.
Last week, Cointelegraph reported on stock trading mobile app Robinhood raising $363 mln in funding in order to expand its crypto-specific platform US-wide, with plans to support 16 different cryptocurrencies, all zero-fee. With the recent funding, Robinhood became the second most valuable fintech startup in the US, with a current valuation of $5.6 bln, and an SEC-compliant broker-dealer status, unlike leading US crypto trading platform Coinbase.
Beyond convenient entry points into the crypto space for individuals, perhaps the most important precedent for Stuttgart Börse’s new crypto venture is the New York Stock Exchange owner’s recent announcement of its own plans to offer Bitcoin (BTC) swap contracts that would be settled in BTC, allowing its traditional Wall Street clients to both buy and hold the cryptocurrency.