Germany’s 2nd Largest Stock Exchange To Launch Zero-Fee Crypto Trading App

The Stuttgart Börse, which reportedly has a trading volume of $100 bln, has announced it is launching a zero-fee smartphone crypto trading app, dubbed ‘Bison.’

Germany’s second largest stock exchange, the Stuttgart Börse, which reportedly has a trading volume of $100 bln, has announced it is launching a zero-fee cryptocurrency trading app, Thursday, May 17. The smartphone app, dubbed ‘Bison,’ will be free to use as of fall 2018, and has been developed together with fintech startup Sowa Labs.

Four cryptocurrencies – Bitcoin, Ethereum, Litecoin and Ripple – will be supported from the app’s launch, with additional digital assets promised “in the near future.” The interface and trading process aims at convenience, forgoing the need for crypto wallets or paperwork.

The platform also gives users an artificial intelligence (AI) data analysis tool, ‘Cryptoradar,’ which analyzes over 250,000 crypto-related tweets from the crypto sphere daily to give real-time insight into community sentiment. As of press time, Cryptoradar’s algorithm on the Bison website shows Bitcoin, Ethereum, Litecoin as neutral, with Ripple edging towards the positive spectrum.

A prototype of the app was presented today at the finance and investment trade fair Invest in Stuttgart, with Dr Ulli Spankowski, Managing Director at Sowa Labs, commenting that Bison “is the first crypto app in the world to have a traditional stock exchange behind it.’ Sowa Labs claims that their survey of over 1,000 participants showed that the majority of investors would like “easier” access to the crypto markets.

Last week, Cointelegraph reported on stock trading mobile app Robinhood raising $363 mln in funding in order to expand its crypto-specific platform US-wide, with plans to support 16 different cryptocurrencies, all zero-fee. With the recent funding, Robinhood became the second most valuable fintech startup in the US, with a current valuation of $5.6 bln, and an SEC-compliant broker-dealer status, unlike leading US crypto trading platform Coinbase.

Beyond convenient entry points into the crypto space for individuals, perhaps the most important precedent for Stuttgart Börse’s new crypto venture is the New York Stock Exchange owner’s recent announcement of its own plans to offer Bitcoin (BTC) swap contracts that would be settled in BTC, allowing its traditional Wall Street clients to both buy and hold the cryptocurrency.

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Bitcoin Price Declines To Nearly $8k Amidst Bing Crypto Ad Ban

Crypto markets see a sharp decline over 24 hours, almost all of top 100 altcoins on Coinmarketcap are in the red.

May 16: Crypto markets have seen a sharp decline over the past 24 hours with almost all of top 100 coins listed on Coinmarketcap (CMC) in the red.

COIN360

Market visualization from Coin360

After losing the $9,000 support on May 11, Bitcoin (BTC) continued its fall, now approaching the $8,000 level. Having lost almost 3 percent of its value in 24 hours to press time, the original cryptocurrency is currently trading at $8,288. Despite this most recent fall, Bitcoin has seen over 3 percent gains over the last 30 days, according to Cointelegraph Price Index.

Bitcoin price chart

Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has dipped below $700, now hovering around the mark with a 2.31 percent loss over 24 hours to press time.

Ethereum price chart

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Total market cap has lost nearly $100 bln over the last 10 days, dropping to as low as $381 bln at press time.

Total market capitalization chart

Total market capitalization chart. Source: CoinMarketCap

EOS and Stellar (XLM) have seen some of the biggest declines over 24 hours at over 5 and six percent, respectively. The coins are currently trading at $12.31 and $0.329 respectively.

Bitcoin Cash (BCH) is down almost 7 percent over a one-day period, trading at $1,269 at press time. Yesterday, May 15, BCH implemented a hard fork that increased its block size from 8MB to 32MB and reactivated Bitcoin script operation codes (Op codes) – an upgrade, which has so far apparently failed to produce a positive effect on the price.

The decline in crypto markets coincided with the recent decision by Microsoft-owned search engine Bing to join the ranks of other internet giants in banning crypto-related ads from its network by July 2018.

Cryptocurrencies also came under criticism by European financial authorities. Monday, May 14, European Central Bank (ECB) board member Yves Mersch claimed that banks should “segregate” their dealings in cryptocurrencies from other activities, citing high volatility of crypto markets and stressing that digital tokens “do not qualify as money.”

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