A year after it was launched, Bison now has around 81,000 active users, the stock exchange revealed in a press release published Thursday. According to Boerse Stuttgart Group, the mobile app’s success so far is largely due to the “uncomplicated and secure” crypto trading it facilitates on your smartphone.
Bison, the crypto trading application offered by Boerse Stuttgart, has seen a remarkable growth of users in the past 12 months, the group announced this week.
Germany’s second-largest stock exchange is now planning to expand its features and offer traders in Europe another cryptocurrency option, bitcoin cash (BCH).
Over 80,000 Users Added Since Launch
The software is developed by Sowa Labs, a subsidiary of Boerse Stuttgart Digital Ventures GmbH. It was released last year and it’s currently available for Android and iOS devices. The app is designed as a means for investors to gain exposure to the cryptocurrency markets. Sowa Labs CEO Ulli Spankowski commented:
We are very satisfied with the level of take-up for Bison. Our approach has been to make trading in cryptocurrencies as simple as possible, and the response has been excellent. Over the past 12 months, we have received a great deal of valuable feedback from users that we incorporate into the further development of Bison.
The developers emphasize they are gradually adding new features to the Bison app since its launch and plan to continue to improve the user experience. The next step will be to finalize the development and the implementation of a desktop version of the application.
Another premiere the team is planning is the introduction of bitcoin cash (BCH) to the trading platform. Bison currently supports bitcoin core (BTC), ethereum (ETH), litecoin (LTC), and ripple (XRP). Traders can transfer BTC from their private wallets to Bison since the start of the year, and in the future they’ll be able to do so with the other tradable coins.
Bison users trade the cryptocurrencies with Euwax AG, which is also a subsidiary of Boerse Stuttgart. Euwax is a financial services provider operating under German regulations. Since October 2019, Bison has supported 24-hour trading. It makes its profit from the spread between the buying and selling price and no other fees are charged.
Bison Now Available in European Economic Area
So far, Germany has had a rather positive regulatory attitude towards businesses operating with digital assets. In November, new legislation allowed German banks to store and trade cryptocurrencies starting from 2020, which led to financial companies such as Solarisbank developing and offering new services including custodial and trading solutions for digital assets.
Boerse Stuttgart is one of those traditional institutions that have turned their attention to the crypto space quite early in comparison with other major players. In December, the stock exchange opened its digital asset trading platform, Boerse Stuttgart Digital Exchange, to all interested persons in Germany, as news.Bitcoin.com reported. BSDEX is the country’s first regulated trading venue for digital assets.
The Bison app is now available beyond the borders of the Federal Republic. As of recently, interested citizens of the European Economic Area and Switzerland have been able to use it to trade major cryptocurrencies. Last year, the application was upgraded with individual price alerts. Furthermore, it now provides users with a report showing the amounts they are supposed to declare for taxation purposes.