Germany is all set to get its first ever mobile trading app for crypto assets. The country’s second-largest stock exchange firm Boerse Stuttgart Group is going to introduce the crypto service-based app in Germany.
The leading Stock exchange operator, Boerse Stuttgart group declared on this Thursday that it is officially launching a new cryptocurrency trading application. The software of the newly introduced app named ‘Bison’ is built by a FinTech called Sowa Labs. Sowa Labs is actually a subsidiary of Boerse Stuttgart Digital Ventures.
Boerse Stuttgart claims to be the first company which has successfully released a cryptocurrency trading application in Germany. The exchange firm promises further global expansions but notes that currently, the app will be available only in Germany. The app is designed in a way that it can provide hassle-free access to cryptocurrencies for investors. The app will ease the access process especially for those users that are accustomed to using traditional markets.
Interestingly, the app is now open for free-of-charge trading in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP). The app will also require a custodian for users’ funds. Another subsidiary of Boerse Stuttgart Group will serve as custodian for the app, where it will utilize an escrow system. The trading service is available on the platform for seven days a week. Though, the users can trade through the application from 06:00 am until midnight. The exchange notes that a full day trading service will be provided soon. Also, to process the euro payments and provide fiat custodial services, Boerse Stuttgart has collaborated with SolarisBank, which is a Berlin-based fintech company.
The app will be accessible for residents of other European countries in late 2019. The company is also looking forward to add more cryptocurrencies. Talking about potential advancement in the app, Sowa Labs’ CEO, Ulli Spankowski said,
“We will also enable trading in further cryptocurrencies, which will be selected considering criteria such as market capitalization, customer interest and whether they can be kept in safe custody.”
He further details about the app saying that the firm will be gaining money from the spread. The recently launched app features a fast set up and identity checks. It also contains a news-feed which uses artificial intelligence.