The cryptocurrency trading app of Germany's second-largest stock commutation, Boerse Stuttgart, exceeded 100,000 users on March 30 amid increasingly permissive regulations in the country.

The Bison app, which launched on Jan. 31st, 2022, has attracted a six-effigy user base in just fourteen months.

Bison users abound 40% during Q1 2022

Ulli Spankowski, the chief executive of Boerse Stuttgart Digital Ventures subsidiary and programmer of the Bison app, Sowa Lab GmbH, notes that the milestone has been reached amid a twoscore% growth in users since the start of 2022.

Boerse Stuttgart'south app supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) trading. Bison plans to before long support Bitcoin Cash (BCH), and coil out a desktop application.

Bison is bachelor to citizens domiciled in the European Economic Expanse and Switzerland. While most of the apps users are effectually 37 years one-time on average, Bison reports that they've had user activity from individuals aged from eighteen to 91 years old.

New German regulations bulldoze institutional interest

On January 1, 2022, Germany's Federal Financial Supervisory Authority (BaFin) passed "new regulatory standards" to align with the European Wedlock's Fifth Anti Money Laundering Directive (5AMLD).

The new regulations mean businesses dealing with crypto assets are classified as fiscal services providers nether Deutschland'due south Cyberbanking Deed, and crave BaFin's authorisation. The new legislation too allows German banks to offering cryptocurrency products.

The strengthening of Deutschland's crypto regulations has sparked the beginnings of a wave of institutional adoption, with 40 German language banks filing applications seeking dominance to offer digital asset services by Feb. 7.