German Stock Exchange Subsidiary To Release Crypto Trading App
Sowa Labs, a subsidiary of Germany’s second largest stock exchange Börse Stuttgart, will release a cryptocurrency trading app later this year, according to the app’s website.
The app, called Bison, will be available in September and will initially support trading of Bitcoin (BTC), Ethereum (ETC), Litecoin (LTC), and XRP. The website states that more assets will be included in the future. Bison also claims that they will charge no trading fees. The app will be available in German, and later in English.
Managing Director at Sowa Labs Dr. Ulli Spankowski said, “BISON makes trading in digital currencies easy. It is the first crypto app in the world to have a traditional stock exchange behind it.”
Börse Stuttgart acquired a 100 percent stake in Sowa Labs when it purchased the fintech startup last December. Alexander Höptner, member of the management board of Börse Stuttgart, said the acquisition of Sowa Labs helped fulfill part of the exchange’s digital strategy. While the exact cost of the acquisition is unknown, Höptner said that a seven-digit figure changed hands.
Last month, Canadian inter-dealer bond broker Shorecan DCN announced a partnership with Paycase Financial to launch a cryptocurrency brokerage service. The new initiative is planned to launch in the second quarter of 2018. The brokerage platform will focus on BTC and ETH.