Author: David Floyd Translator: Annie_Xu
The fintech arm of Germany’s second-largest stock exchange will launch a cryptocurrency trading app later this year.
Sowa Labs, a subsidiary of the Borse Stuttgart exchange, announced the app on Friday, saying it will be available in September and will initially offer trading support for bitcoin, ether, ripple and litecoin. According to the app's official website, "more assets will be coming soon."
The app, called Bison, is free to download and, according to its developers, is released with no transaction fees. A prototype of the app was demonstrated at the Stuttgart trade fair.
Ulli Spankowski, executive director of Sowa Labs, said in a statement, “Bison makes digital currency transactions easy, the world’s first cryptocurrency app backed by a traditional stock exchange.”
The exchange acquired Sowa Labs in December last year, holding a 100% stake in the Ulm, Germany-based start-up. Although exact figures are unclear, the reported purchase price is in the millions of euros.
This development represents the latest example of a traditional stock exchange entering the cryptocurrency trading game through a subsidiary.
Canadian stock exchange operator TMX announced last month that its wholly-owned subsidiary had struck a deal to set up a cryptocurrency brokerage. It was reported at the time that the brokerage initially focused on bitcoin and ethereum, with plans to launch in the second quarter of 2018.
This article only represents the author's personal opinion, does not represent the position of the blockchain pencil, does not constitute investment advice, and the content is for reference only.
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