Germany second-biggest stock exchange, Börse Stuttgart, is expanding its footprint into the cryptocurrency sector with the launch of a new crypto trading platform. Bison is the new platform that the exchange says will simplify the process of trading digital currencies and becomes the first crypto app, backed by a reputable stock exchange.
Bison Crypto Trading App
The new app will make trading of cryptocurrencies mass marketable. The fact that the same will also be done through smartphones should go a long way in making it easy for most people to participate in the endeavor.
Developed by Sow Labs, supported by Börse Stuttgart Digital Ventures, the new application plans to do away with the technical difficulties that have made it impossible for some people to venture into cryptocurrency trading.
While still in development stage, Bison should be available to the masses for free later in the autumn. Ahead of the much-awaited launch in September, the firm is currently conducting a competition whereby entrants stand to win as much as three bitcoins (BTC), ten ethers (ETH), 20 litecoins (LTC), and 50 ripples (XRP) as part of the marketing campaign.
Trading Fees and News Feed Part of Bison Offering
Fee-free trading is what Bison promises as it looks to get as many people as possible into trading cryptocurrencies. However, it is still unclear how it plans to achieve the same. The app will also come with a news feed where investors will access a wide array of information needed to make informed decisions about investments.
Bison is to analyze more than 250,000 tweets from the cryptocurrency investment community and summarize the most important, for users to have a feel of sentiments in the market. The crypto-radar below shows that currently as per Bison’s analysis, cryptocurrencies are experiencing overall neutral sentiment.
Crypto Radar. Source: Bison
Unlike in the past where registration for user account would take up to three days, the app promises a maximum of three minutes until one can trade their favorite cryptoassets.
For starters, Bison is to offer support for four digital currencies; BTC, ETH, LTC, and XRP. However, there are plans to increase support for more digital assets in future.
The unveiling of Bison app for trading crypto assets according to the exchange was triggered by a recent survey that showed investors want easy access to the crypto markets.
“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,” Börse Stuttgart in a statement.
Cryptoassets Attract Mainstream Interest
Established and regulated stock exchange venturing into the sector provides the clearest of indications that crypto assets could soon find their way into the mainstream industry.
There is already talk that tokenization could soon result in the creation of a new modern stock exchange whereby, instead of trading shares, people will be able to trade tokens. Börse Stuttgart joins a growing list of mainstream companies that have in the recent past ventured into the cryptocurrency space in the effort of meeting growing demand for such services.
Media Giant Thomson Reuters has already unveiled a data feed for crypto assets, which according to many observers opens the door for the firm to support digital assets in its trading platforms in future. A number of products all designed to target institutional investors have also cropped up as firms position themselves to take advantage of the growing market.
Options and futures trading of cryptocurrencies is slowly becoming a reality thanks to the evolution of crypto assets. Entry of professional and institutional investors all but affirms the push by the likes of Börse Stuttgart to pursue opportunities in the sector.