No. 2 Stock Exchange In Germany To Launch Crypto Trading App
Germany’s second-largest stock exchange is set to launch a cryptocurrency trading app later this year.
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A subsidiary of Börse Stuttgart, Sowa Labs, unveiled the app on Friday, the 13th day of April, 2017 which it said would be available for use in September and will initially offer trading support for bitcoin, ether, XRP and litecoin.
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The app, called Bison, will be free to download and, according to its developers, won’t charge trading fees at launch.
“Bison makes trading in digital currencies easy. It is the first crypto app in the world to have a traditional stock exchange behind it,” Ulli Spankowski, Sowa Labs’ managing director, said in a statement.
The exchange acquired Sowa Labs in December of last year, taking a 100 percent stake in the Ulm-based startup. The acquisition price is reportedly in millions of euros.
The development sees the latest instance of a traditional stock exchange getting into the cryptocurrency trading through a subsidiary.
Canadian stock exchange operator TMX, Last month, announced that its wholly-owned subsidiary had struck a deal in order to set up a cryptocurrency brokerage.