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Germany’s Second Largest Stock Exchange Takes yet Another Step down the Crypto Road

Germany’s second-largest stock exchange, Boerse Stuttgart has taken the step to host Crypto Trading and Coin Offerings.

This follows an earlier announcement that’s its new app, Bison, would be released by Fintech company Sowa Labs, a subsidiary of Boerse Stuggart Digital Ventures, later this year. Boerse Stuggart is Germany’s second-largest stock exchange after Boerse Frankfurt.

The aim now is to extend crypto activities to primary and secondary markets and create a platform from which tokens can be issued. The previously announced Bison trading app will be released in both German and English which will support multiple pairs including BTC, ETH, LTC, and XRP. The app is claimed to be the first that has the support of a major traditional stock exchange.

The intention for Boerse Stuttgart is to keep everything under one roof where hosted ICO coins can be traded alongside leading cryptocurrencies such as BTC and ETH. Chief Executive Officer of Boerse Stuttgart, Alexander Höptner, explained:

“At the trading venue tokens issued via our ICO platform can be traded on the secondary market. This is an important success factor for ICOs. At the same time, we are responding to demand from both retail and institutional investors for a regulated and reliable environment for trading cryptocurrencies.”

Höptner said that this will give the exchange the opportunity to offer “central services along the value chain for digital assets, all under one roof.”

Boerse Stuttgart’s Subsidiary Sowa Labs conducted a survey of 1,019 German crypto traders earlier this year asking for their opinion on virtual currencies. Of the respondents, 81% were male, 19% were female, and 54% were 35 years old or younger. Of these, 16.9% owned a single cryptocurrency, whilst 18.2% confessed to owning several. More than 80% of respondents opened their first trading account from 2017 onward.

Dr. Ulli Spankowski, Sowa Lab’s managing director, commented that in Germany up until now the fast trading of cryptocurrencies such as Bitcoin and Ether had been “anything but easy.”

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German Stock Exchange Subsidiary to Launch Stock Exchange Crypto App

A new cryptocurrency app due to be released in the autumn is reputed to be the first to provide traditional stock exchange features. The app, Bison, is being released by Fintech company Sowa Labs, a subsidiary of Boerse Stuggart Digital Ventures. Boerse Stuggart is Germany’s second-largest stock exchange after Boerse Frankfurt.

The new app is promoted as enabling “an easy entry into the crypto world”. Dr Ulli Spankowski, Sowa Lab’s managing director, said, “Bison simplifies trading with digital currencies. It is the world’s first crypto app, behind which is a traditional stock exchange. ”

Dr Spankowski argues that in Germany, fast trading of cryptocurrencies such as Bitcoin and Ether has been “anything but easy”, claiming that the new app will break down barriers, enabling fast trading in German, then later in English, once fully developed.

Crypto survey

Sowa Labs conducted a survey of 1,019 German crypto traders asking for their opinion on virtual currencies. Of the respondents, 81% were male, 19% were female, and 54% were 35 years old or younger. Of these, 16.9% owned a single cryptocurrency, whilst 18.2% confessed to owning several. More than 80% of respondents opened their first trading account from 2017 onward.

Germany and cryptocurrency

Germany, along with France who is more supportive of ICOs,  has been vocal within the EU in supporting blockchain technology and has joined 21 other countries in supporting initiatives with the aim of reinforcing local innovation. Germany is focused on making a unified European Union stance on cryptocurrencies and wants France to come on board. It is expected that regulatory conventions in both of these countries will directly affect the concerted effort by the EU to arrive at a unified cryptocurrency and blockchain policy.

This year the German ministry of finance declared that there wouldn’t be sales tax on purchasing with Bitcoin and that the digital currency would be regarded as the equivalent to legal tender for tax purposes when used as a means of payment.

 

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