After a year in development, Boerse Stuttgart Group’s crypto app is now available in app stores for free download to iOS and Android devices.
Ulli Spankowski, CEO of Sowa Labs GmbH, the subsidiary of Boerse Stuttgart Digital Ventures that developed the BISON app, commented in a statement: “With BISON, we make trading in cryptocurrencies as simple as possible and break down entry barriers.”
Users register and prove their identity by video-identification, and can then transfer money into their BISON account to buy and sell cryptocurrencies for free, which at launch are bitcoin, ether, litecoin and Ripple’s XRP.
BISON is the first cryptocurrency trading app from a provider in Germany, and makes its money from the spread between the buying and selling prices displayed, explained Spankowski.
“BISON lowers the technical barriers in dealing with the complex world of cryptocurrencies. This also includes safe custody of the acquired cryptocurrencies, so BISON users do not need a crypto wallet,” he added in a statement.
The app has a feature called Cryptoradar, which uses artificial intelligence to analyze around 250,000 tweets per day from the crypto community, filter them by relevance and present them in a user-friendly format. Users gain an overview of market sentiment on Twitter in real time and can keep up to date on the level of discussion in relation to the cryptocurrencies traded on BISON.
Additional functions will gradually be added to BISON after the launch: the extension of trading to 24 hours a day, seven days a week, additional trading functionalities; further cryptocurrencies, which will be selected considering criteria such as market capitalization, customer interest and whether they can be kept in safe custody.
The trading partner at BISON is financial services provider EUWAX, a subsidiary of Boerse Stuttgart, to and from which users buy and sell cryptocurrencies. blocknox, also a subsidiary of Boerse Stuttgart Digital Ventures, takes care of the custody of the acquired cryptocurrencies on an escrow basis.
A multilevel security concept has been implemented at blocknox to secure users’ cryptocurrencies. As an external banking partner, solarisBank is responsible for payment processing and the custody of customers’ cash deposits in euro.
BISON is also to be provided in other EU countries apart from Germany during 2019.