A Leading Stock Exchange in Germany Launches Crypto Trading App
The second largest stock exchange in Germany offers trading support for cryptocurrencies
Börse Stuttgar, the second largest stock exchange in Germany offers trading support for cryptocurrencies through the new crypto trading app. The fintech subsidiary Sowa Labs of Börse Stuttgar is the creator of this app.
Last Friday, the company launched the app which the company claims would be available to the public later in September. Sowa Labs published that “more assets [are] coming soon,” as it currently supports Bitcoin, Litecoin, XRP and Ether cryptocurrencies.
The crypto trading app launched under the name of Bison, which had a prototype demonstrated during a trade show in Stuttgart this week. Bison will be available as a free app and initially during the launch it will not have any trading fees. The managing director of Sowa Labs, Ulli Spankowski made the following statement;
Bison makes trading in digital currencies easy. It is the first crypto app in the world to have a traditional stock exchange behind it.
Sowa Labs acquisition by German stock exchange
In December 2017, the German stock exchange Börse Stuttgar acquired Sowa Labs taking a stake of 100 percent in the Ulm-based startup. Reports suggest that the acquisition costed the stock exchange several million Euros in value.
The German stock exchange embracing cryptocurrencies indicate the most recent occurrence of conventional stock exchanges reaching out to the world of digital currencies. In this case, Sowa Labs was the subsidiary that made the gateway for Börse Stuttgar to approach crypto trade.
Earlier in March, TMX made an announcement to launch a brokerage focusing cryptocurrencies Bitcoin and Ether, targeting its launch in the second quarter of 2018. On 13th April 2018, at 6:30 PM CET the value of Bitcoin is 8,109 USD according to bitfinex.com trading platform. The wholly-owned subsidiary “Shorcan Digital Currency Network” of Canada-based stock exchange operator TMX Group, struck a deal with Paycase Financial to set up this cryptocurrency brokerage.