Stock exchange operator Boerse Stuttgart announced the launch of a new cryptocurrency trading application this Thursday. The German firm said the new application, which is called Bison, was developed by its subsidiary, Sowa Labs.
The exchange operator says that it is the first company in Germany to have launched a cryptocurrency trading application. For now, the application is only going to be available in Germany but, the company says, it will expand to other countries in the near future.
Currently, traders will only be able to use the application from 06:00 am until midnight, though trading will be available seven days a week.
Sowa Labs’ CEO, Ulli Spankowski, says that the company will be making money from the spread. The author could not access the application to confirm the veracity of that claim but, with past experience in mind, any user of the application should treat such a statement with a level of skepticism.
No need to open a wallet
According to a statement issued by the firm, the application has fast set up and identity checks – things that have held back prospective traders in the past.
Understanding the Gaps in Forex TradingGo to article >>
The application itself has a news-feed, which Boerse Stuttgart says makes use of artificial intelligence.
Traders using the application do not have to set up a wallet in order to trade. That’s because Blocknox, another subsidiary of Boerse Stuttgart, acts as custodian for users of the application by using an escrow system.
Traders will be able to deposit into the application using euros. Payments and fiat currency custodial services for the application are going to be handled by solarisBank – an external partner of the exchange operator.
The firm also discussed some of the changes it plans on making to the application in the near future.
“These will include the extension of trading to 24 hours a day, seven days a week, and additional trading functionalities,” said Spankowski. “We will also enable trading in further cryptocurrencies, which will be selected considering criteria such as market capitalisation, customer interest and whether they can be kept in safe custody.”