The firm that operates the second largest stock exchange in Germany has launched a crypto trading mobile app according to an announcement made earlier today. The app has started with zero trading fees and also comes with an inbuilt crypto wallet where users can store their tokens.
Sowa Labs developed the crypto trading mobile app
The crypto trading app is dubbed Bison and has been in development for the past year. Sowa Labs, a subsidiary of the stock exchange developed the app. Bison is now available on Android 4.4+ and iOS 9+ devices in Germany. Users will be able to fund their accounts in euros and trade Bitcoin, Ethereum, Ripple and Litecoin.
As for the trading hours, for now, users will be able to trade from 6 a.m. until midnight even though this is expected to change later. Since the app will not be charging any trading fees, it will derive its profits from the spread that lies between the buy and sell prices offered for various assets.
To make crypto trading possible through the app, Borse has partnered with EUWAX AG a financial subsidiary that will be responsible for conducting the trades. For the custody of the tokens, they have partnered with another subsidiary Blocknox GmbH.
The group has also partnered with SolarisBank AG which is based in Germany to act as the external banking partner tasked with processing and the custody of the customers’ cash deposits. These funds will be protected by the statutory deposit guarantee laws of the nation.
According to Ulli Spankowski, the CEO of Sowa labs, additional features will be added on the crypto trading mobile app over the next year. Users can expect trading to go on around the clock, seven days a week and also there will be an addition to the number of supported cryptocurrencies.
The crypto trading mobile app will also be availed to the rest of Europe later this year.
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