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Borse Stuttgart Digital Exchange, or BSDEX — which shares its operator with the major public stock exchange in Stuttgart — is rolling out a new mobile app for cryptocurrency traders.
As a digital assets trading venue that fulfills the regulatory requirements of the German Banking Act, the venue has been a pioneer in the mainstreaming of crypto in Germany. Previously, investors had access to an earlier crypto trading app called Bison, which was first launched back in 2019. Today’s announcement of a new app indicates that users will be able to trade Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and XRP.
Over 20,000 users are currently using BSDEX, which is operated by Baden-Wuerttembergische Wertpapierborse GmbH — the same operator that runs Stuttgart’s public stock exchange. The fully regulated exchange has three institutional participants serving as its liquidity providers: Borse Stuttgart GmbH subsidiary EUWAX AG, Bankhaus Scheich and Crypto Broker AG.
In terms of custody arrangements, Borse Stuttgart Digital Ventures GmbH subsidiary blocknox GmbH custodies BSDEX customer assets on an escrow basis. When it comes to trading, the venue charges fees that vary according to different types of orders.
Maximilian von Wallenberg, the CEO of BSDEX’s technical operator, Boerse Stuttgart Digital Exchange GmbH, said that the decision to provide a convenient trading option for smartphone users has been taken in response to investors’ needs:
“We see a huge customer demand for a reliable and transparent German trading venue for Bitcoin, Ethereum and Co. This is also reflected by the trading volume on BSDEX, which has now exceeded 1 billion euros since our market entry.”
The app will enable users to view their crypto holdings, track cryptocurrency charts and access basic and advanced order types, much like the desktop version.
In the wider crypto app market, major United States-based exchange Coinbase recently hit a milestone and became the #1 most popular app on the Apple App Store in the country — ahead of TikTok, YouTube, Facebook, Instagram and trading app Robinhood.