Ulli Spankowski, CEO of Sowa Labs GmbH, the subsidiary of Boerse Stuttgart Digital Ventures GmbH, said: “We are continuously screening for which cryptocurrencies we can offer trading and custody in the reliable set-up of BISON. Trading Bitcoin Cash and the deposit option for Litecoin are now the next steps. Further cryptocurrencies will follow after a thorough technical and regulatory examination.”
The number of active users has grown by 110 percent to around 155,000 since the start of the year. The desktop version of BISON, which will be released in the summer, offers the same range of functions as the app. Users can trade Bitcoin, Ethereum, Litecoin, Ripple (XRP), and Bitcoin Cash on BISON, free of charge, and at the prices displayed in the app. BISON makes its profit from the spreads between the buying and selling prices displayed, with no additional costs for users.
EUWAX AG, a subsidiary of Boerse Stuttgart GmbH that is regulated in Germany as a financial services provider, is BISON’s trading partner. All buy and sell orders are executed at EUWAX. blocknox GmbH, another subsidiary of Boerse Stuttgart Digital Ventures GmbH, takes care of the custody of cryptocurrencies for users at BISON on an escrow basis.
The BISON app is available for 72 nationalities, provided that their principal place of residence is in the European Economic Area or Switzerland.
The service was established at the end of January 2019 for users of the BISON app and extended at the end of September 2019 for users of Boerse Stuttgart Digital Exchange (BSDEX). Now, the plan is to target institutional clients such as fintechs, banks, and asset managers through blocknox.
Germany has stepped up its legal regulation of crypto custody, which has entered effect on 1 January 2020. blocknox has already announced its intent to the supervisory authorities to apply for the required license, which is deemed to have been granted provisionally. The firm will submit the final application by the specified deadline. In this process, blocknox becomes a regulated financial services provider.
In late 2019, Boerse Stuttgart Digital Exchange (BSDEX) announced it had gone live to all investors based in Germany, almost 24 hours, seven days a week. The country’s first regulated trading venue for digital assets allows users to trade the Bitcoin-Euro pair, with further digital assets to be made available. blocknox takes care of the custody of the acquired cryptocurrencies on an escrow basis, free of charge for BSDEX users.