While the Bitcoin price continues to linger in the low $8,000’s, the infrastructure for institutional money to enter the market continues to be built at a feverish pace. We’ve recently reported that the parent company of the NYSE is creating an exchange that will allow institutional money to move into crypto. The NASDAQ seems further along in the process and will be opening an exchange in a couple of weeks that will start with trading of the top 6 cryptocurrencies. Coinbase has also just created services for institutional money to enter cryptocurrencies.
And today the second largest stock exchange in Germany, Boerse Stuttgart, has announced it will be offering cryptocurrency trading via a phone app. Bison, as the app is called, will feature commission-free trading in just 4 cryptocurrencies to start: Bitcoin, Ethereum, Litecoin and Ripple.
Later this year, when all of the avenues for institutional money are fully functional, we expect another significant move up in the cryptocurrency market. Behind closed doors and off-the-record, we’re hearing that as much as $5 Trillion will be moving into cryptos in the coming months. Of course, for now that is just a street rumor, but one doesn’t have to look very hard to find evidence that a giant wave of institutional money will be forthcoming.
From Boerse Stuttgart:
Sowa Labs presents prototype of BISON app / Available free of charge from autumn
Free, uncomplicated and secure trading in cryptocurrencies from your own smartphone: this is what BISON promises to make available to traders. The new app from fintech Sowa Labs – a subsidiary of Boerse Stuttgart Digital Ventures – gives traders an easy entry into the world of cryptocurrencies. Dr Ulli Spankowski, Managing Director at Sowa Labs, commented: ‘BISON makes trading in digital currencies easy. It is the first crypto app in the world to have a traditional stock exchange behind it.’ The startup will today present the prototype of the app at the finance and investment trade fair Invest in Stuttgart. BISON will be available free of charge from the autumn of this year.
Optimised for fast, easy trading in cryptocurrencies
Until now, it has been anything but easy to invest in bitcoin, ethereum or other cryptocurrencies. BISON is breaking down all the barriers: the app is simple to use, the user interface is available in German and will later also be offered in English. Ulli Spankowski explained: ‘With BISON, also registering and providing proof of identity is less complicated.’ Previously, opening a user account normally took several days, but with BISON activation for trading only takes a few minutes. There is ‘no need for crypto wallets’, and BISON does not charge any trading fees. Dr Spankowski added: ‘Users can trade cryptocurrencies free of charge with the app.’