Germany’s second-largest stock exchange, Borse Stuttgart, announced on Monday that its Bison crypto trading app has achieved trading volume of €1 billion (US$1.21 billion) so far this year.
- The stock exchange reported that in November there were several days where the app saw record daily trading volumes exceeding €35 million ($42.3 million). Over the year so far, active users also hit new highs, increasing by 180% to 206,000, the group said.
- "The increase in user numbers and the trading volume on Bison in the current year have far exceeded our expectations," said Ulli Spankowski, CEO of Sowa Labs GmbH, the subsidiary of Boerse Stuttgart, which developed the app.
- Rather than charging fees, Bison makes a profit from the spreads between the buying and selling prices.
- Boerse Stuttgart also has a crypto exchange launched earlier this year, providing regulated access for institutional and retail investors initially via a bitcoin-euro pair. It later added ether, litecoin and XRP.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.