BISON, Boerse Stuttgart Group’s crypto app, has been launched more than eight months ago and is now extending its trading hours to be made available 24 hours a day from Monday to Sunday.
The mobile app offers free-of-charge trading in Bitcoin, Ethereum, Litecoin and Ripple (XRP) to around 60,000 active users at the moment. Sowa Labs developed the BISON app, which makes its money from the spread between the buying and selling prices displayed. There are no additional costs for users. EUWAX, another subsidiary of Boerse Stuttgart that is regulated in Germany as a financial services provider, is BISON’s trading partner and users are in fact buy and sell cryptocurrencies from and to EUWAX.
Ulli Spankowski, Chief Executive Officer at Sowa Labs, the subsidiary of Boerse Stuttgart Digital Ventures, commented: “With BISON, we provide uncomplicated access to cryptocurrencies. Now we have built up the necessary experience to offer round-the-clock trading without compromising on reliability. The cryptocurrency market never sleeps. That’s why BISON goes way beyond the usual trading hours of traditional financial markets.
Last year, Sowa Labs conducted a survey that concluded that interest in the new asset class is surging, but there are quite a few limitations regarding ease of use, accessibility, and safety. “Our survey shows that existing arrangements and venues for crypto trading are not suitable for a mass audience”, CEO Spankowsky said at the time. “Not only is there a lack of user interfaces in the German language, but many trading platforms are also quite difficult to use”.
Registration and proof of identity are often very complex but the survey found that two-thirds of respondents wanted a registration process that would allow them to start trading within 24 hours. Error-prone trading processes and high fees charged for purchasing digital coins were also complaints shared by the traders surveyed.
The report also found that the vast majority of investors have not entered the crypto world yet, despite three-quarters of them having already traded securities. It is only one third – mainly men under the age of 35 – that had an account on a crypto platform and two-thirds of that cohort have invested in at least three cryptocurrencies. “Many of those questioned do not trust digital money, regard investment in it as too risky, or have insufficient expertise”, according to
Spankowski.
