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Interest in cryptocurrency trading has picked among German investors. One of the country’s largest stock exchanges recently revealed that trading volume on its crypto trading app broke records and has already surpassed one billion euros so far this year.
Boerse Stuttgart announced on Monday, December 7, that the total trading volume of its crypto trading app Bison has reached 1 billion euros or over $1.2 billion so far in 2020, Bitcoin.com reported. Boerse Stuttgart is Germany’s second-largest stock exchange that also operates a regulated cryptocurrency exchange.
The German bourse added that there were several days in the month of November where daily trading volumes via its crypto app surpassed €35 million ($42.3 million), according to Coindesk. The platform likewise saw a massive increase in the number of its active users, which rose by 180 percent to 206,000 this year.
The rise in both volume and the number of users went beyond the company’s projections. “The increase in user numbers and the trading volume on Bison in the current year have far exceeded our expectations,” said Sowa Labs GmbH CEO Ulli Spankowski.
“The positive development shows that with simple and reliable trading we are making the right offer in an exciting market environment for cryptocurrencies,” Spankowski added. The Bison crypto trading app was developed by Sowa Labs GmbH, which is a subsidiary of Boerse Stuttgart Digital Ventures GmbH.
The company launched the Bison crypto app back in 2018. Users can trade in some of the world’s most popular cryptocurrencies via the platform including Bitcoin (BTC), Ether (ETH), XRP, Litecoin (LTC), and Bitcoin Cash (BCH).
One of the features that set Bison apart from other apps is that it does not charge fees for transactions. Instead, the company makes its profits from the spreads between selling and buying prices of the cryptos being traded.
Boerse Stuttgart launched the regulated cryptocurrency Börse Stuttgart Digital Exchange (BSDEX) in early 2020, allowing institutional and retail crypto investors access to digital currencies. “BSDEX meets the regulatory requirements in accordance with section 2, paragraph 12 of the German Banking Act (Kreditwesengesetz),” the company said.
