Boerse Stuttgart Launches Crypto Trading App
Uncomplicated, fast and secure trading in cryptocurrencies on the smartphone: this is now possible with BISON. After a year in development, Boerse Stuttgart Group’s crypto app is now available in app stores for free download to iOS and Android devices.
Dr Ulli Spankowski, CEO of Sowa Labs GmbH, the subsidiary of Boerse Stuttgart Digital Ventures GmbH which developed the BISON app, commented: “With BISON, we make trading in cryptocurrencies as simple as possible and break down entry barriers.” It only takes a few minutes for users to register and prove their identity by video-identification. They can then transfer money into their BISON account to buy and sell cryptocurrencies. The app is easy to use and has a clearly arranged user interface.
Free-of-charge trading and safe custody
Dr Spankowski continued: “BISON is the first cryptocurrency trading app from a provider in Germany. It enables free-of-charge trading in Bitcoin, Ethereum, Litecoin and Ripple (XRP).” Users can trade on BISON from 6.00 to 24.00 hours (CET) Monday to Sunday at the prices they find displayed in the app. BISON makes its money from the spread between the buying and selling prices displayed.
BISON lowers the technical barriers in dealing with the complex world of cryptocurrencies. This also includes safe custody of the acquired cryptocurrencies, so BISON users do not need a crypto wallet. On request, after having bought cryptocurrencies on BISON, users can transfer them into their own wallet.
Boerse Stuttgart Group’s long-standing experience with regard to processes, risk management and technology makes BISON highly reliable. The trading partner at BISON is financial services provider EUWAX AG, a subsidiary of Boerse Stuttgart GmbH. Users therefore buy and sell cryptocurrencies from and to EUWAX AG in each case. blocknox GmbH, a subsidiary of Boerse Stuttgart Digital Ventures GmbH, takes care of the custody of the acquired cryptocurrencies on an escrow basis. A multilevel security concept has been implemented at blocknox GmbH to secure users’ cryptocurrencies. As an external banking partner, solarisBank AG is responsible for payment processing and the custody of customers’ cash deposits in Euro. They are protected in the BISON account, which is free of charge for users, by the German statutory deposit guarantee.
An innovative feature of the app is the Cryptoradar. This tool uses artificial intelligence to analyse around 250,000 tweets per day from the crypto community, filter them by relevance and present them in a user-friendly format. Users gain an overview of market sentiment on Twitter in real time and can keep up to date on the level of discussion in relation to the cryptocurrencies traded on BISON.
Additional functions will gradually be added to BISON after the launch. Dr Ulli Spankowski explained: “These will include the extension of trading to 24 hours a day, seven days a week, and additional trading functionalities. We will also enable trading in further cryptocurrencies, which will be selected considering criteria such as market capitalisation, customer interest and whether they can be kept in safe custody.” BISON is also to be provided in other EU countries aart from Germany during 2019.
Source: Boerse Stuttgart Group=
Can its backers launch the cryptocurrency before central bankers, regulators, and legislators catch up?
Aim is to support innovation that will benefit consumers.
USC envisages being 100% backed by fiat currency held at the respective central bank.
Novelty, politics, and rapid evolution will preclude meaningful harmonization.
Many of the regulatory issues are common to traditional securities trading venues.