Bison, the cryptocurrency trading application of German stock exchange Boerse Stuttgart, reached a volume of more than €1 billion in 2020—equivalent to over $1.2 billion.
According to a Dec. 7 announcement, the firm’s Bison cryptocurrency trading application saw a sharp increase in trading volume and user count. Since the beginning of 2020 “the number of active users has grown by 180 percent to around 206,000,” said Ulli Spankowski, CEO of Sowa Labs, the exchange’s subsidiary that launched the app. Spankowski said:
“The increase in user numbers and the trading volume on BISON in the current year have far exceeded our expectations. The positive development shows that with simple and reliable trading we are making the right offer in an exciting market environment for cryptocurrencies.”
Furthermore, the announcement also highlights that in November 2020 Bison set a new record trading volume that exceeded €35 million—nearly $42.5 million. The app allows its users to trade five different crypto assets and recently enabled deposits of XRP tokens acquired from third parties.
The assets supported by Bison are Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and XRP, and they can be traded free of charge. The firm behind the trading platform profits from the spread between the buying and selling prices.
Cryptocurrencies go full throttle
Mainstream interest in cryptocurrencies has sharply increased after Bitcoin hit a new all-time high price at the end of November and PayPal launched its long-rumored cryptocurrency features for its United States-based users. Following the launch, the firm’s CEO Dan Schulman suggested that the company’s recently announced embrace of Bitcoin will significantly increase the usability and use of cryptocurrencies and enable its users to easily use crypto in their everyday life.
Furthermore, there seems to be strong upward pressure on Bitcoin’s price. Crypto venture capital firm Pantera Capital suggested in a late-November report that PayPal was “already buying almost 70% of the new supply of Bitcoins” at the time.
Furthermore, that buying pressure adds to Square’s—which was already estimated to be buying around 40% of all newly-issued Bitcoin for its Cash App. All of this means that the two firms are buying 10% more BTC than the miners are generating.