An official Tweet on January 31 confirmed that Boerse Stuttgart Group, Germany’s second largest stock exchange has launched Bison (a crypto trading app). The webpage of the application suggests that Fintech Sowa Labs which is the subsidiary of Boerse Stuttgart Digital Ventures has developed the software. The developers claim that the intention of developing the app is to ease cryptocurrency access for investors who are used to trading in traditional markets.
At present, the app permits absolutely free of charge trading in BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin) and XRP (Ripple). According to a press release on Finextra today, Blocknox, which is also a subsidiary of the stock exchange is responsible for acting as the custodian for customers funds with the help of an escrow system. The press release also mentioned that Boerse Stuttgart has also joined hands with SolarisBank (external banking partner) in order to process payments in Euros and for administering fiat custodial services.
Initially, after the launch, Bison will be available only in Germany with working services between 6:00 a.m. to 12:00 a.m. CET. The stock exchange giant has come out to clarify that it has firm plans of extending trading to 24 hours a day. The press release also states that the stock exchange also has plans of giving access to other Europian countries along with support for more cryptocurrencies by the end of 2019.
It was in the month of May 2018 when Bison was first announced by the stock exchange. As per reports, Global stock market operators are keen to launch crypto related services. As an example, SET (Stock exchange of Thailand) has plans of setting up a digital asset exchange which will be regulated. A digital asset exchange is also in the pipeline of Hong Kong and is planned to launch in the first quarter of 2019. The project is supported by tech solutions provider for London Stock Exchange Group.
Recently, Bakkt (a digital asset provider) developed by the New York stock operators completed a funding round of $182.5 million. Bakkt has also announced key vacancies in the company, mostly for senior developer positions.