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Boerse Stuttgart Group Crypto Trading App Volume Reaches $2.4B
The exchange's crypto trading app, Bison, has seen a doubling of trade volumes and active users since last year.
Boerse Stuttgart's Bison crypto trading app has achieved €2 billion (US$2.4 billion) in trading volume so far this year.
STORY CONTINUES BELOW
- Bison has also seen an 83% increase in the number of active users to around 400,000 since the year began, according to Germany’s second-largest stock exchange.
- Several days in January, daily trade volume doubled from around €35 million ($42.3 million) seen in November to €70 million ($84.1 million), the exchange said.
- The user growth and trading volume "reflect the current high momentum in the crypto market and the increasingly broad interest in cryptocurrencies," said Ulli Spankowski, CEO of Sowa Labs GmbH, the subsidiary of Boerse Stuttgart that developed the app.
- Launched in 2018, the app allows users to trade bitcoin, ether, XRP, litecoin and bitcoin cash. Bison makes a profit from the spreads between the buying and selling prices as opposed to charging fees.
- EUWAX AG, registered in Germany, is Bison's trading partner and is regulated as a financial services provider.
See also: Boerse Stuttgart’s Bitcoin Exchange Adds Stop Orders as Volatility Hedge
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
