Germany's 2nd Largest Stock Exchange Boerse Stuttgart Launches Crypto Trading App
Germany’s second largest stock exchange, Boerse Stuttgart Group, has launched an app that allows euro-crypto trading.
According to the app’s webpage, the software was developed by FinTech Sowa Labs — a subsidiary of Boerse Stuttgart Digital Ventures. The developers’ reported aim in making the app is to ease access to cryptocurrencies for investors that are accustomed to using traditional markets.
Currently, the app enables free-of-charge trading in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP). Another subsidiary of the stock exchange, Blocknox, will act as custodian for users’ funds, using an escrow system, according to a press release published on Finextra today.
Boerse Stuttgart has also partnered with an external banking partner, SolarisBank, which will process euro payments and provide fiat custodial services, the press release notes.
During the initial period following its launch, Bison will be available only in Germany, and its services will work from 6:00 a.m. to 12:00 a.m. CET. However, the stock exchange giant clarified that it plans to eventually extend trading to 24 hours a day. Access for residents of other European countries will be added by late 2019, while support for more cryptocurrencies is also planned in future, according to the press release.
Bison was first announced by the stock exchange in May, 2018.
As Cointelegraph reported, stock market operators worldwide are interested in launching crypto-related services. For instance, the Stock Exchange of Thailand (SET) is planning to set up a regulated digital asset exchange. Hong Kong is also set to launch a digital assets exchange in Q1 2019, supported by the technology solutions provider for the London Stock Exchange Group.
The much-anticipated digital assets platform Bakkt, created by the operator of the New York Stock Exchange, recently completed a $182.5 million funding round. More recently, Bakkt announced key vacancies at the firm, mostly for senior developer positions.