Germany Continues Bitcoin Adoption Despite Rocky Market

The broader market crash brought on by fears of the coronavirus has been felt around the world. But as startups and investment firms in the U.S. buckle up for a bumpy Q2, some crypto companies in Germany are faring rather well. 

Böerse Stuttgart Bitcoin App Hits 100,000 Users

The second-largest traditional exchange in Germany, Böerse Stuttgart, reported yesterday that its trading application, BISON, had hit an important milestone. 

Since Bison was launched in 2019, the app now hosts over 100,000 users. 

The app lets users buy and sell major cryptocurrencies, like Bitcoin, XRP, and Ether. Reports shared with Crypto Briefing indicate that BTC is the most popular digital asset at current. 

Dr. Ulli Spankowski, the CEO of Sowa Labs GmbH, which developed the app said:

 “The number of active users of BISON has grown by more than 40 percent since the beginning of 2020. Even in the turbulent market phases of the past few months, we have been able to offer the usual simple and reliable trading in cryptocurrencies. On this basis, we intend to increase our user numbers steadily.”

Despite Bitcoin behaving as a risk-on asset, much like stocks, retail investors that make up the majority of BISON’s user base continue to move into the crypto market. During the sell-off of Mar. 12, various post-mortem’s identified Bitcoin holders between 1- to 12-months old as the primary engines behind the downturn. 

If BISON can be considered a proxy for retail interest in Germany, many users may be unphased by the latest downturn. For institutions, those that have a stake in blockchain technology are doing just fine. 

Pandemic-Resistant Investments With Main Incubator

Commerzbank’s research and investment arm, Main Incubator, has been left relatively unscathed by the latest coronavirus crash. 

Part of this has to do with a diverse portfolio of investments in virtual reality technologies, cloud services, and, of course, blockchain technology. 

In an interview with Crypto…

Source Link