The Bison app, developed by Boerse Stuttgart, will be available to cryptocurrency enthusiasts this autumn. Germany is at the forefront of retail exchanges entering the crypto space. Details follow.
Cryptocurrency trading backed by Germany’s second-largest exchange
Sowa Labs, the fintech subsidiary of Boerse Stuttgart—the second-largest retail exchange in Germany—has launched Bison, a cryptocurrency trading app. Bison will offer trading in Bitcoin, Ethereum, Ripple and Litecoin, with more currencies to be added soon. The app competes with fee-free platforms like Robinhood, signaling a broader shift as retail exchanges begin to participate in the rise of cryptocurrencies.
“This is the world’s first cryptocurrency app backed by a traditional stock exchange,” said Ulli Spankowski, CEO of Sowa Labs. Having the support of a prominent regional exchange strengthens the app’s security and trust profile for users.
The main feature of Bison is commission-free trading. “Users can trade cryptocurrencies for free within the app,” Spankowski explained. The exchange also noted that users do not need separate crypto wallets; they can simply download the app and begin trading. According to the press release, traders must wait until September for the full launch, when the app is expected to be available at no cost. Bison is being presented this weekend in prototype form at an investor fair in Stuttgart. The mobile interface is currently in German, with an English version planned.
Simplicity as a selling point
Many traders complain about the lengthy procedures required to access Bitcoin and altcoin markets, largely due to know-your-customer (KYC) and anti-money-laundering (AML) requirements. One of Bison’s key selling points is a simplified identity verification process, which may appeal to traders whose transactions or funds have been blocked on other platforms.
“Bison significantly reduces the complexity of registration and identity verification. While opening an account typically takes several days, using Bison requires only a few minutes before trading is enabled,” Spankowski said. The app also includes a tool called Cryptoradar, a social-media analytics feature that aggregates more than a quarter of a million tweets and analyzes investor sentiment in the crypto space.
Sowa Labs developed the app after surveying over 1,000 users who expressed a need for easy access to cryptocurrency markets. Sowa Labs is part of Boerse Stuttgart Digital Ventures, established to support fintech start-ups.
Conclusion
The traditional finance world is opening up to cryptocurrencies more and more. Although many in the conventional sector still disparage digital coins while praising blockchain technology, they can no longer ignore crypto’s growing influence. Regulators and traditional institutions are already exploring digital currencies; for example, central banks and major financial bodies are encouraging the development of digital currencies to avoid being left behind. These are pivotal times for finance, which is likely to undergo major changes in the coming years. How those changes unfold will be decided by regulators, institutions and market participants—and some innovators are already challenging established financial assumptions.