FINTECH-a division of the second largest stock exchange of Germany is planning later this year to launch app for trading cryptocurrencies.
Friday Sowa Labs, a subsidiary of Börse Stuttgart, presented the application, which is expected to be available in September. Initially users will be offered support BTC, ETH, XRP and LTC, however, on the official website of the application States that in the near future the number of available assets will be increased.
App called Bison can be downloaded for free and, according to developers, the first time after launch, the company will not charge trading commissions. The prototype application was demonstrated during the exhibition in Stuttgart, held this week.
“Bison simplifies trading digital currencies. This is the first crypto-app in the world, behind the traditional stock exchange,” said managing Director of Sowa Labs Szpankowski Ulli (Ulli Spankowski).
The exchange acquired Sowa Labs in December of last year, having full control over the startup. The exact amount of the purchase is not known, but there are reports that it was estimated in millions Euro.
This development is another example of a traditional entrance of the stock exchange in cryptocurrency trading through the subsidiary. So last month, the canadian stock exchange operator TMX has announced that its subsidiary, Shorcan DCN has signed a deal to create crypto-currency brokerage platform. The launch of this platform, which will initially be focused on the buying and selling of bitcoin and ether, scheduled for the second quarter of 2018.