Germany’s second-biggest stock exchange, Börse Stuttgart, is set to launch a cryptocurrency exchange app that will attract no trading fee. The application will be named Bison and will have listed popular cryptocurrencies as the Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Ripple (XRP) crypto coins.
Börse Stuttgart himself decided to name the new cryptocurrency trading app, Bison. Sowa Labs, a subsidiary company of Börse Stuttgart and also the creator of the new app Bison made this information known to the public on Friday.
As earlier reported, though the initial plan of the company is to have the majors, BTC, ETH, LTC, XRP, in future, many more cryptocurrencies will be added. Also, the app will be available in the German language on the first release; and subsequent updates will have the English language option supported by the app.
The Managing Director of Sowa Labs, 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.”
The purpose of this application is to create a platform that’s easy to use and also make bitcoin trading more accessible especially through mobile gadgets by everyone.
“With Bison, also registering and providing proof of identity is less complicated,” said Mr. Spankowski. “This is exactly what Bison is optimized to provide.”
There will be a “Cryptoradar” service available to users. This service makes use of AI (Artificial Intelligence) in delivering important news from popular social media platforms. The main reason for this is to keep users up-to-date with the latest information in the crypto space, that will make them make a well-informed decision on what cryptocurrency to invest.
The most important feature of this app is it costs nothing to trade cryptocurrencies, that’s a feature that will bring competition in the cryptocurrency market.
In the past few months, cryptocurrency exchanges have reviewed and reduced their trading and withdrawal fees just to draw new customers to their platforms.
Presently, Robinhood is another cryptocurrency trading platform which offers similar services and does not charge any trading fees whatsoever from its users.
Börse Stuttgart acquired a hundred percent stake in Sowa Labs when it bought the fintech startup company last December. A member of the management board of Börse Stuttgart, Alexander Höptner, said the acquisition made it possible for the exchange to fulfill part of its digital plans.