The Bison app, which was developed by Boerse Stuttgart, will be available to cryptocurrency traders in the fall. Germany is taking the lead among retail exchanges tapping into the cryptocurrency base.
Sowa Labs, a fintech subsidiary of Boerse Stuttgart, Germany’s second largest stock exchange for retail derivatives, has launched Bison, a mobile app for trading cryptocurrencies. Bison will support trading in bitcoin, Ethereum, Ripple and Litecoin. More coins will be supported soon.
The Bison app rivals the likes of Robinhood in that there are zero trading fees. Meanwhile, it’s a sign of the times that retail exchanges are starting to emerge from the sidelines to participate in the rise of cryptocurrencies.
“It is the first cryptocurrency trading app in the world to have a traditional stock exchange behind it,” according to Sowa Labs Managing Director Ulli Spankowski quoted in Finextra.
Meanwhile, the fact that Bison is backed by a leading regional trading exchange bolsters its profile for user security. It’s not just a fly-by-night trading platform.
Bison’s key feature is zero trading fees. “Users can trade cryptocurrencies for free in the app,” said Spankowski. The exchange added that “crypto wallets are not needed.” Instead, users can simply download the app to start trading.
Traders will have to wait till September, the press release states, at which time the app will be available for no charge. Bison is being unveiled this weekend in prototype format at a Stuttgart trade fair for investors. The mobile interface is currently in the German language but an English version is planned as well.
Traders often bemoan the hoops they have to go through to trade cryptocurrencies such as bitcoin and altcoins under know-your-customer (KYC) and anti-money laundering (AML) protocols, although it’s for their own security. One of the key features that Bison boasts is a simple identity verification process, which could be a real selling point for traders whose transactions and funds have been stuck at other trading platforms.
“BISON also significantly reduces the complexity of registration and proof of identity. While the opening of a user account usually took several days, the use of BISON takes only a few minutes before it is released for trading,” according to Spankowski.
They also plan a Cryptoradar tool, which is a social media tool that aggregates more than a quarter-of-a-million tweets and analyses the “mood” of cryptocurrency investors.
Sowa labs developed the cryptocurrency trading platform on the heels of a survey with more than 1,000 users who expressed a need for “easy access to the crypto market.” Sowa Labs is a division of Boerse Stuttgart Digital Ventures, which was created to back fintech startups.