Börse Stuttgart, second biggest stock exchange in German and one of Europe’s largest, has announced set up a cryptocurrency trading platform through a subsidiary called Bison.
The stock exchange handles the trading volume of about $100 billion and is trailing only the Frankfurter Börse in Germany.
The stock exchange, Börse Stuttgart stated:
“Bison simplifies trading in digital currencies. It is the world’s first crypto app, behind which stands a traditional stock exchange. The prototype of the app already exists, the finished product will be available for free from autumn.”
The Bison app will offer the top 4 cryptocurrencies in the market (BTC, ETH, LTC, XRP) as they plan to feature some other currencies in the future. The app will initially be available in German and with a later update, English language will be added.
They promise fee-less and free trading without detailing how they plan to make any money with this app. They further say the Bison will have a news feed as well as:
“Bison analyzes more than 250,000 tweets from the crypto community every day and summarizes the most important information for you.”
According to a rough translation, Börse Stuttgart says:
“So far, investing in Bitcoin, Ether & Co. has been anything but easy. Bison consistently breaks down barriers: The app is easy to use, the user interface is available in German, later also in English.
With Bison, we also reduce the complexity of registration and proof of identity significantly: so far, the opening of a user account usually took several days, in the use of Bison until the activation of trading takes only a few minutes.”
Another interesting function noted on their website is called “cryptorader,” which “analyzes real-time data and provides a sentiment overview of the most talked about cryptocurrencies” via social media feeds. This is meant to allow users to “instantly see what’s hot and what’s not, without having to read thousands of tweets or dig through online news” through the use of AI.
The stock exchange highlighted a recent survey that has shown investors want simple and direct access to the crypto market. That’s what Bison offers, they note.
This makes Börse Stuttgart the world’s first established traditional stock exchange to offer direct crypto trading through its infrastructure. Other big stock exchanges and banks have announced similar plans for the future.
Börse Stuttgart was established in 1860 and in January 2018 reported turnover of €7.5 billion, trailing only the Frankfurt Stock Exchange.