Germany has had a long lasting relationship with bitcoin and cryptocurrencies. Bitcoin was officially recognized as “private money” in Germany as early as mid-2013 and was considered as legal tender in early 2018. Berlin was even dubbed as the “Bitcoin capital of Europe” in early 2018 as well. In Germany, bitcoin is widely accepted by both enthusiasts and business owners alike. It was only a matter of time before bigger financial institutions started riding the wave.
Boerse Stuttgart Group is Germany’s second-largest stock exchange and the ninth largest in Europe. In December 2018, the firm announced that they are partnering up with solarisBank to launch a cryptocurrency trading platform. In January 2019, they announced that their app for cryptocurrency trading is available for iOS and Android users in Germany. These announcements show that the relationship between bitcoin and Germany continues to flourish. Evidently, the appeal of bitcoin and other cryptocurrencies is high in Germany.
Boerse Stuttgart Group and BISON
Boerse Stuttgart Group is a stock exchange that was established in February 1860. A group of people from different industries decided to meet on a regular basis and share their knowledge about banking and finance. It’s a stock exchange that has been around for a long time. It has risen through the ranks to become one of the biggest stock exchanges in Europe. The exchange changed location several times but it is now located in Carl Eugen Bau.
BISON, Boerse Stuttgart Group’s shiny new cryptocurrency trading app, is now available on the Apple App Store and the Google Play Store. iPhones will require iOS 9+ and Androids will require a 4.4+ operating system. According to Coindesk, the application will charge ZERO trading fees. Added to that, the profits from the app will be derived from the “spread between the buying and selling prices offered”. It will allow users to trade for bitcoin (BTC) and multiple cryptocurrencies. Some are ethereum (ETH), litecoin (LTC), and ripple (XRP). Euros will be the fiat currency of choice as a price comparison guide. And finally, the application includes a built-in wallet to store all kinds of coins.
BISON, Boerse Stuttgart Group partnered with its financial services subsidiary EUWAX AG. EUWAX AG provides all the financial services at the Stuttgart Exchange. It provides these services in its capacity as a “quality liquidity provider” and performs the role of sorting “German equities, securitized derivatives, active investment funds, exchange-traded products (ETPs) and debt instruments.”. Blocknox GmbH, another subsidiary of the group, will “take care of the custody of the acquired cryptocurrencies on an escrow basis.”, according to the BISON press release.
In the press release of BISON, it states that the application features a “Cryptoradar”. The feature will use artificial intelligence to analyze around 250,000 tweets per day. It will present it to the user according to the most relevant. With this feature, “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.”
For now, the application only allows users to trade between 6 am and midnight (CET) but it is expected to expand later on. Dr. Ulli Spankowsi, CEO of Sowa Labs GmbH, a subsidiary of Boerse Stuttgart Digital Ventures GmbH which developed the BISON app, explained that additional functions and features will gradually be added to the application after launch. He also promised that these functions and features will “include the extension of trading 24 hours a day, seven days a week, and additional trading functionalities.”
Right now, the application is only available for German residences. Also, BISON is planning to expand to other European countries later this year.
What Does BISON Mean to the Bitcoin Community?
Bitcoin and stock exchanges have little to no correlation with each other. This makes the development of BISON a big deal. Especially if the app expands to other European countries. BISON is a huge step not only for the bitcoin community but for the cryptocurrency community as a whole. The second-biggest stock exchange forming their own trading platform is the first of its kind. It could mean a lot for the exposure for cryptocurrencies around the world. It shows that some financial institutions are warming up to the idea of cryptocurrency. It shows that the world is moving towards the direction of mass adoption. If other big financial institutions warm up to the idea, it could give Bitcoin and the whole crypto-community the recognition they deserve. The exposure will, in turn, make people more aware of bitcoin and its cryptocurrency counterparts.
What do you think about BISON? Would you like that kind of cryptocurrency service in your area? We’d love to hear all your thoughts! Let us know in the comments section down below!