Germany’s second larget stock exchange, Börse Stuttgart, has begun trading cryptocurrencies and tokens through a subsidiary.
In a statement released by the Stuttgart Exchange, it states that Bison (its subsidiary), helps to reduce the expense and complications of trading virtual currencies, and that Bison is the world’s first app for trading cryptocurrencies. The alpha version of the application has been established already, and the final product will be available later this year, free from the app store.
The Bison website has also issued a statement on the matter, stating that it’s ready to begin operations in September and will hold a competition in the interim. Contests have a chance to win as much as three bitcoins as prize money.
The platform will have zero-fee trading, and there are no released plans yet for how the Bison intends to earn revenue.
The app will also have an integrated news feed and a module that analyses social media posts, of up to 250,000 tweets per day.
The app analyses the general market sentiment, and can help traders predict the most profitable time to buy and sell.
In addition to analysing social media trends and sentiments, Bison also intends to make the trading experience easier for users. The platform will help break down the barrier of getting started with cryptocurrencies for both English and German-speaking users.
The team plans to reduce the complexity and time it takes to get registered with cryptocurrency platforms, removing KYC and AML red tape that prohibits traders from getting started. With Bison, traders can have their account activated and get started with trading within only a few minutes.
The app was released as a result of a survey undertaken by the exchange that illustrated that investors want quick and easy access to the cryptocurrency market, and this is what Bison has to offer traders of all skills levels and experiences.
The release of its app from its subsidiary makes Börse Stuttgart one of the first stock exchanges in the world to become involved in cryptocurrency trading.
It’s speculated that many more exchanges will join in its wake as the market cap of cryptos strengthen. Cryptocurrencies could become a backbone of many exchange around the world, least they be overtaken by their more innovative competitors.
The tokenization of virtual assets could help create a new modern exchange where instead of people trading shares they share tokens as the digital revolution continues.