Germany’s second-largest stock exchange, Boerse Stuttgart Group, grew its crypto user base tenfold in about one year by bringing in more active investors from the finance world.
Boerse Stuttgart’s crypto trading app, called BISON, is in a state of flux and has been able to amass more than 81,000 accounts as of January 2020. The smartphone app was developed by a fintech subsidiary of the Boerse Stuttgart Digital Ventures and allows users to buy and sell Bitcoin, Ethereum, Litecoin, and XRP through another subsidiary of the public stock exchange, called Euwax AG.
The Bison app is compatible with both iOS and Android operating systems and is set to get its own desktop version alongside the introduction of Bitcoin Cash as an additional tradable cryptocurrency. The spinoff of Europe’s ninth-largest stock exchange makes its profit from the spreads between the buying and selling prices with no additional costs for users.
Bison expands reach across Europe
While initially launched for residents of Germany only, the Bison trading app is now available for citizens of the European Economic Area and Switzerland. Boerse Stuttgart Group has plans to extend its offering to countries throughout Europe later this year.
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Earlier last year, Boerse Stuttgart has gone live in full capacity with its trading venue for digital assets, the newly launched Boerse Stuttgart Digital Exchange (BSDEX). The BSDEX opened its doors as a regulatory compliant offering that allows users to trade the Bitcoin-Euro pair, with further digital assets, to follow suit soon.
blocknox GmbH, another subsidiary of Boerse Stuttgart Digital Ventures GmbH, takes care of the custody of the crypto holdings on an escrow basis, free of charge for BSDEX users.
“We are very satisfied with the level of take-up for BISON. Our approach has been to make trading in cryptocurrencies as simple as possible, and the response has been excellent. Over the past twelve months, we have received a great deal of valuable feedback from users that we incorporate into the further development of BISON,” said Dr. Ulli Spankowski, CEO of Sowa Labs GmbH, the subsidiary of Boerse Stuttgart Digital Ventures GmbH which developed the BISON app.