Reports out this morning suggest that a German firm may have cracked the problem that is extortionate trading prices when trading currencies within exchanges. It’s a frustrating part of trading of course, but with certain exchanges only offering certain coins and fees bouncing round all over the place, unfortunately, losing some money on your trades is an inevitable part of the system.
Well today, according to Finextra, a German firm called Sowa Labs, a group of the German Retail Investment Exchange Boerse Stuttgart, have developed a mobile application that promises a simple cryptocurrency trading format that is free from fees, that is totally accessible to anyone.
According to the Sowa Labs website:
“Sowa Labs is a fintech start-up specialized in predictive data analytics and disruptive applications in trading of financial assets and cryptocurrencies. Our mission is to build a brand-new trading experience that is simple, smart, and reliable. We focus on real-time data analytics in crypto and financial markets and the development of trading applications. We have built our own artificial intelligence, with you, a future trader, in mind. Our technology puts you in the driver’s seat and makes finding trading opportunities and executing trades easier than online shopping. In 2017, we teamed up with Boerse Stuttgart Digital Ventures to create the future of trading.”
The app, has been named Bison, it’s planned roll out is Autumn 2018 and has been designed based on concepts from traditional stock exchanges.
According to Finextra, Dr Ulli Spankowski, the Managing Director of Sowa Labs has said:
“It is the first crypto app in the world to have a traditional stock exchange behind it.”
The application has been designed to speed up all aspects of cryptocurrency trading, making not only the actual action of trading simpler, but also creating an easy format for identification confirmation and account creation, as well as the integration of an artificial intelligence-based news application that tailors specific news articles to the user, giving them the most up to date facts and figures as possible.
According to the Sowa Labs website, their timeline expects a closed beta version to be launched in August 2018, with the full and final product going live in December 2018.
You can find more information about the app, and the team behind it here- https://www.sowalabs.com/
This is certainly and exciting innovation and could provide cryptocurrency with a big step into mainstream adoption, I do wonder how the app aims to abolish trading fees altogether, but I guess this will become apparent as the app goes live and more and more people start to use it.
This is something to at least keep an eye on, going into the summer months.