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Boerse Stuttgart Group Says Its Crypto Trading App Has Hit €1B Volume in 2020
Germany’s second-largest stock exchange says its trading app Bison exceeded its expectations this year.
Germany’s second-largest stock exchange, Borse Stuttgart, announced on Monday that its Bison crypto trading app has achieved trading volume of €1 billion (US$1.21 billion) so far this year.
STORY CONTINUES BELOW
- The stock exchange reported that in November there were several days where the app saw record daily trading volumes exceeding €35 million ($42.3 million). Over the year so far, active users also hit new highs, increasing by 180% to 206,000, the group said.
- "The increase in user numbers and the trading volume on Bison in the current year have far exceeded our expectations," said Ulli Spankowski, CEO of Sowa Labs GmbH, the subsidiary of Boerse Stuttgart, which developed the app.
- Launched in 2018, the app allows users to trade bitcoin, ether, XRP, litecoin and bitcoin cash.
- Rather than charging fees, Bison makes a profit from the spreads between the buying and selling prices.
- Boerse Stuttgart also has a crypto exchange launched earlier this year, providing regulated access for institutional and retail investors initially via a bitcoin-euro pair. It later added ether, litecoin and XRP.
See also: Germany’s No. 2 Stock Exchange Unveils Crypto Trading App
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
