Boerse Stuttgart Group, the second-largest stock exchange of Germany, has officially launched a crypto-trading app dubbed as Bison. Currently, the app enables free-of-charge trading in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).
According to the app’s webpage, the software was developed by FinTech Sowa Labs, a subsidiary of Boerse Stuttgart Digital Ventures. Reportedly, the developer’s aim for the app was to provide easier access to cryptocurrencies for investors that are accustomed to using traditional markets.
Blocknox, another subsidiary of the stock exchange, will act as custodian for users’ funds. It will employ an escrow system, according to a press release published on Finextra today.
The press release notes that Boerse Stuttgart has partnered with an external banking partner, Solaris back in order to process euro payments and provide fiat custodial services.
Bison will be available only in Germany during an initial period, the services will work from 6:00 a.m. to 12:00 a.m. CET. However, Boerse Stuttgart adds that they plan to eventually extend trading to 24 hours a day. As for services to other European countries will be added by late 2019. Plans to add support for more cryptocurrencies is also in the pipeline.
It seems that the latest trend of the season in at least the cryptocurrency ecosystem is for stock market operators worldwide to launch their own crypto-related services. For instance, the Stock Exchange of Thailand (SET) is planning to set up a regulated digital asset exchange. Supported by the London Stock Exchange Group, Hong Kong is also set to launch a digital assets exchange in Q1 2019.