Boerse Stuttgart Group, the 2nd-largest stock exchange in Germany, has finally launched their crypto trading app after a year of development. Announced in an official tweet on January 31, the crypto trading app is called Bison.
According to the trading app’s official webpage, the applications software was purpose-developed by Sowa Labs fintech, a subsidiary of Boerse Stuttgart Digital Ventures. As put by the developers, their objective with the app was to enable a simple entry into the world of cryptocurrencies.
The Bison app is compatible with both iOS and Android operating systems and can be downloaded for free from the Apple App Store and the Google Play Store. To use the app, users must first register an account and verify their identity by providing proper KYC/AML information.
Currently, the Bison trading app is only available for residents of Germany, but Boerse Stuttgart Group has plans to extend its offering to countries throughout Europe by end of 2019.
Once a Bison app account is successfully created, users will be able to buy and sell Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP) during market hours from 6 am through 12 am (CET), Monday to Sunday.
These hours are somewhat restrictive compared to what cryptocurrency users are used to, but the exchange plans to extend them to 24 hours a day in the future. As for the cost to trade on Bison, users simply pay the price displayed in the app. There are no additional trading fees, which makes the app attractive on all accounts.
Regarding the storage of crypto assets, users do not need to set up their own personal crypto wallet, as Blocknox, a subsidiary of the German exchange’s digital ventures unit, handles the custody of the purchased cryptocurrencies on an escrow basis.
As for using fiat to purchase crypto, an external banking partner called solarisBank is responsible for facilitating payments and custody of customer fiat deposits in Euro.
Additional features of the Bison crypto trading app is a simple portfolio feature that allows you to track your investments with percentage gains/losses and total balances. For those looking to stay up to date on crypto news, the app also features a news and social media section that helps users to filter through what’s important.
All in all, the Bison trading app by Boerse Stuttgart Group is a significant step forward towards mainstream adoption of cryptocurrency onboarding. This new app has the potential to reach an entire market of investors who previously didn’t have the know-how or the means to purchase cryptocurrencies.
As we move through 2019, we are already experiencing significant developments regarding fiat-to-crypto onboarding services that attract new users to crypto. Another recent example that was previously reported by IIB is Binance’s acceptance of debit and credit cards for the purchasing of various cryptos.
Which fiat-to-crypto onboarding service that captures a new market will come out next? Let us know what you think in the comment section below.
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