Germany’s Boerse Stuttgart to Launch Crypto Trading App

The trading platform will support Bitcoin, Ethereum, Litecoin and Ripple initially

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13 April • 2 min
In News

Sowa Labs, a fintech subsidiary of Germany’s second-largest stock exchange Boerse Stuttgart, said on Friday it plans to enter the cryptocurrency exchange business through a mobile trading application. The BISON app is set to be launched this autumn, offering commission-free trading for several of the largest digital currencies by market capitalization.

The BISON prototype was unveiled this weekend at a Stuttgart trade fair for investors. The app’s interface will initially be available in German, with an English version to be offered soon after the launch. The trading platform will feature Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP). Support will later expand to more digital currencies, Sowa Labs stated.

BISON will be free to download and will not charge additional trading fees. "BISON also significantly reduces the complexity of registration and proof of identity," Sowa Labs Managing Director Ulli Spankowski said in a press release. He added that another innovative feature of the app will be the Cryptoradar, which will filter the news flow in social media on the basis of artificial intelligence. The tool aggregates more than a quarter-of-a-million tweets and analyzes investors’ mood in real time.

BISON app  further revealed it is offering the first users to register in the BISON app the chance to win crypto prizes. Those who are among the initial 1000 members on its VIP list will be eligible to win one of three Bitcoins donated to the prize pool as well as other prizes in Ether, Litecoin and Ripple.

Sowa Labs developed BISON on the heels of a recent survey with more than 1000 subscribers who expressed a need for easy access to the crypto market. “That's exactly what BISON is optimized for,” Spankowski noted.

Bison will be the first cryptocurrency trading app to be backed by a stock exchange, and the first to be released by a German company. However, Boerse Stuttgart is not the first major institution to tap into the crypto world. Canada-based stock exchange operator TMX Group announced in March that its subsidiary, Shorcan Digital Currency Network, had partnered with Paycase Financial for the launch of a cryptocurrency brokerage. The service will roll out to the public in the second quarter and will initially focus on Bitcoin and Ether, with plans to include more digital currencies if demands require.

In another move illustrating the growing interest in the crypto market, Yahoo Japan announced on Friday its plans to enter the industry with an exchange application to be launched this autumn. The tech giant said in a statement it would buy through its subsidiary Z Corporation a 40% stake in BitARG Exchange Tokyo for an undisclosed sum.

Established in 1860, Boerse Stuttgart reported a turnover of EUR 80.6 billion for 2018. It acquired Sowa Labs in November 2017 for a seven-digit figure”, according to the exchange’s press release.