On Friday, 14th Apr, one of Germany’s largest stock exchange announced that they will release a crypto trading app. The subsidiary of Borse Stuttgart, Sowa labs unveils that app will avail for use in September.
New Crypto Trading App: Bison
According to Borse Stuttgart, the new crypto trading app will be known as Bison. Initially, it will support trading of Ethereum, Bitcoin, Litecoin, and Ripple. The Bison app’s website cites that its free to download and yet more assets to be add-ons to the features. It also claimed that they will charge no trading fees.
In a statement, Dr. Ulli Spankowski, the managing director of Sowa Labs, claimed:
“Bison makes trading in digital currencies easy. However, it is the first crypto app in the world to have a traditional stock exchange behind it”.
Moreover, the application is more focusing on providing users with optimized, fast and effortless trading with just a few clicks. Interestingly, there is a chance of winning crypto prizes for those register at first, Sowa Labs offers.
The last December, in Sowa Labs, Borse Stuttgart acquired a 100 percent stake when it purchased fintech startup. Although, the exact cost of the acquisition is not clear the price was in millions of euros.
The member of board management of Borse Stuttgart, Alexander Hoptner, said the Sowa Labs acquisition helped in fulfilling the part of the exchange digital strategy.
Other Stock Exchanges
More traditional stock exchanges are entering cryptocurrency businesses through a variety of ways including acquisition and partnerships. A Canada-based stock exchange operator TMX Group will also launch a cryptocurrency brokerage in the second quarter of this year. This follows the partnership between its fully-owned subsidiary Shorcan Digital Currency Network and PayCase Financial.
The brokerage will focus on Ether and Bitcoin at launch. Paycase chief executive Joseph Weinberg said the partnership represented the true “institutionalization of cryptocurrencies as an asset class.”
Recently, Yahoo reported that Japan’s confirmed its plans to enter the crypto industry. However, it will first buy 40% share of BitARG exchange.
Similarly, PumaPay platform is also developing an open source “PullPayment Protocol”. In which the merchants can to pull funds off of a customer’s account with their consent to replace systems where a customer pushes money to a retailer.