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A Major German Stock Exchange is Launching a Crypto Trading App

They launch a cryptocurrency trading app in SeptemberNews recently surfaced that Börse Stuttgart, Germany’s second-largest stock exchange, is planning to launch a cryptocurrency trading app in September. Sowa Labs, a fintech subsidiary of Börse Stuttgart, has developed a prototype of the app, which will support bitcoin, ether, litecoin, and ripple trading. The app is called Bison and will offer feeless trading and other features.Börse Stuttgart acquired Sowa Labs last December, supposedly paying more than a million euros. Sowa Labs specializes in predictive data analytics and produces proprietary AI software for financial market analysis.The official Bison website states that trading support for other digital assets will eventually be offered. It also showcases an AI-based social media sentiment analysis and aggregation tool, known as Cryptoradar. According to the website, Cryptoradar “analyzes more than 250,000 tweets from the crypto community every day and summarizes the most important information for you. . . . Cryptoradar shows you the mood of the most important cryptocurrencies.”A managing director at Sowa Labs, Ulli Spankowski, made a statement about the app:“Bison makes trading digital currencies easy. It is the first crypto app in the world to have a traditional stock exchange behind it.”Activation in minutesSpankowski also commented on how Bison intends to streamline the process of setting up an account, claiming “activation for trading takes only a few minutes” and that there is “no need for crypto wallets.” This comment leads one to believe that the exchange will be centralized and remain in control of user assets. The various descriptions of Bison and the information on the website indicate that the app will be similar to the Robinhood stock trading app in that it is feeless, minimalistic, and intended to simplify the trading process for users.Other plansBörse Stuttgart is not the first traditional stock exchange to venture into the cryptocurrency space. Last month, Canadian stock exchange operator TMX Group, which owns the Toronto Stock Exchange, Boston Stock Exchange, and Montreal Stock Exchange, announced plans to launch their own cryptocurrency brokerage service.