Börse Stuttgart, the second largest German stock exchange has announced plans of launching a crypto exchange with initial support for Bitcoin, Ethereum, Ripple, and Litecoin.
The stock exchange will be launching the platform through Bison App, which is developed by Sowa Labs — a subsidiary of the stock exchange.
Tweeting the plans of a crypto exchange, Bison App said the beta testing phase would kick off in January.
Hailed as “the first crypto app in the world to be backed by a traditional stock exchange” by Managing Director Ulli Spankowski of Sowa Labs, the Bison App was developed in answer to Robinhood, a trading platform that had no fee. Initially set to launch in September this year, delays in development has meant the date has been pushed to the start of 2019.
The Bison App confirmed the initial supported coins and tokens, “Yes, we start with @BTC @ETH, #LTC and #XRP more cryptocurrencies are then included step by step.”
Early information releases have mentioned that the platform would try to make trading and signing up as easy as possible, with a simplified ID check, design, and user experience. The Managing Director claimed the KYC check would take no more than a few minutes, as opposed to days taken by other exchanges.
Users will also have a helping hand in judging traders’ moods through a new ‘Cryptoradar’ tool that will deliver analyzed information of more than 25,000 tweets from different crypto traders. This will allow traders to make decisions based on the developing mental swings of traders and take advantage of forehand knowledge.
Germany has been making strides in the crypto industry lately. The only regulated crypto exchange as yet in Germany last month acquired a major trading bank. With Börse Stuttgart now stepping into the digital asset scene, crypto and traditional financial institutes are merging together.
By Talha Dar