Boerse Stuttgart Group, the operator of Germany’s second-largest stock exchange and ninth largest in Europe has recently revealed a mobile app that would help crypto enthusiast to trade different cryptocurrencies. The group on Thursday (31st Jan 2019) made an announcement that after a year in development “Bison app” is finally available on Android 4.4+ and iOS 9+ devices in Germany. The app which is developed by Sowa Labs, a subsidiary of Boerse Stuttgart Digital Ventures will allow all the end users of the app to trade in Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Ripple (XRP). In fact, the users will also be able to fund their accounts in Euros.
Another best part about the app launch is that it features zero trading fees and even provide the users with built-in wallet for storing tokens, Boerse Stuttgart confirmed. However, as of now, currently users can only trade between 6:00 am and midnight CET (05:00 and 23:00 UTC), though this time limit for the trading is expected to expand later. Talking about how the app will acquire its profit? That would be done from the spread between the buying and selling prices proposed.
For the Bison product, the group will collaborate with its financial services subsidiary EUWAX AG, which will be responsible for conducting trades. Also, according to the announcement made, there will be another subsidiary named as Blocknox GmbH that will be responsible for handling the custody of the cryptocurrencies.
For payment processing and custody of customer’s cash deposits, Germany’s SolarisBank AG is going to work as the external banking partner. Also, the firm said that both the things will be protected under the country’s statutory deposit guarantee.
Ulli Spankowski, Sowa’s CEO stated that there will be an addition of new features to Bison over the next year that will include trading for 24 hours a day, 7 days a week, and support for more cryptocurrencies to be traded through the app.
Meanwhile, the firm is planning to expand the Bison product to other European countries by the end of this year. It was even stated previously that the Boerse Stuttgart Group is planning to put Initial Coin Offering platform in place which is under development at present. But how the platform will be beneficial to users? Well, the company earlier stated in August 2018 that the platform would allow the token users to carry out token sales with “Standardized and transparent processes”, “multilateral trading venue for cryptocurrencies”, and custody solutions as well.