On Friday, a subsidiary of the second-largest stock exchange in Germany has announced launching a cryptocurrency trading app. The launch is scheduled to be set in September this year.
Krypto-Wallets werden nicht benötigt! Denn BISON ist einfach & unkompliziert 
Fragen? Triff uns auf der am Stand der !
— Bison App (@bisonapp)
Boerse Stuttgart, a stock exchange in Germany, is the second largest in the country and the ninth largest in Europe. Last December, they took a 100% stake in Sowa Labs, making it the exchange’s subsidiary. The acquisition price was not exactly known, but reportedly it was estimated in the millions of euros.
According to Sowa Labs, the new app, called Bison, will initially offer trading support for bitcoin, ether, XRP and litecoin. More assets are coming soon, the states. The app will be free to download and won’t charge trading fees to join.
The application is aimed at breaking down the barriers to cryptocurrency trading that have discouraged many potential investors. Bison will provide users with a straightforward entry point into digital currency investing. According to the website,the app has been optimised for fast and effortless trading, as well as being ready to use with just a few clicks.
“Bison makes trading in digital currencies easy. It is the first crypto app in the world to have a traditional stock exchange behind it,” Ulli Spankowski, Sowa Labs’ managing director, said.
Moreover, Sowa Labs is also offering the first users to register in the Bison application the chance to win crypto prizes. The initial 1,000 members will have a chance to win one of three Bitcoins donated to the prize pool as well as other prizes in Ether, Litecoin and Ripple.
The platform also features a “crypto radar”. That means scanning Twitter for trending news about the most popular digital currencies. Then the platform will present the findings to investors using the exchange app. Combining fast set up and ID checks with an AI-based news filter, Bison will provide a real-time view of market activity and news.
This week, a trial version of the app is being demonstrated during a trade show in Stuttgart. Currently, bitcoin, Litecoin, Ether, and XRP can be bought and sold.
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The primary goal of the innovative blockchain-based is to improve the organic networks of social influencers by facilitating the creation and scaling of marketing strategies and enhancing monetization. And so far it has reached significant progress towards achieving its disruptive mission.
Last month, the platform was to sign an important deal with BitReward, a blockchain-based rewards and loyalty system for e-commerce businesses. In accordance with the partnership plan, BitRewards gave AdHive access to thousands of e-commerce businesses connected to the BitRewards platform that is anticipated almost 5,000 users to be connected by 2021. Clear enough this opens up a wide range of opportunities for working with large advertisers and brands that are interested in a high-tech solution from AdHive.
However, since AdHive ecosystem operates on its own ADH token that is used to execute all transactions at AdHive, including payments for additional services, for the platform it becomes crucial to maintain token’s demand as high as possible in order to expand further adaptation and attract the inflow of new participants.
AdHive was seeking to add its token to the terminals of cryptocurrency exchanges whereas the listing comes in line with AdHive’s plans to support liquidity of the ADH token.
Dmitry Malyanov, AdHive project’s developer and co-founder, comments:
“Our core intention is to facilitate AdHive internal billing, payment and other token transition procedures, and listing on major cryptocurrency exchanges will help advertisers and other product users to gain easy and fast access to the token.”
ADH token will be listed on two quickly developing exchanges, HitBTC and QRYPTOS. HitBTC is rated on 17th position in the global rank of trading platforms, with 532 coins and tokens listed and over $100M estimated in daily trading volumes. For ADH token, listing on HitBTC is expected to happen on April 17.
QRYPTOS, in turn, represents a fully digital cryptocurrency exchange and trading platform launched by QUOINE company back in June 2017. QRYPTOS is a licensed crypto exchange, which operates under the supervision of the Japanese Financial Services Agency. Analytics expect QRYPTOS and QUOINEX exchanges to be merged by the end of spring 2018 and then their combined daily turnover will climb over $120M benchmark. According to the press release, QRYPTOS has been already listed ADH token on April 12.
Following the listing, ADH token will be priced against BTC, ETH and QASH, which is QUOINE internal token.
Alexandr Kuzmin, another AdHive co-founder, adds:
“We’ve been careful and precise when making our listing choices. We in AdHive intend to collaborate with industry leaders who possess all of the best technological and security innovations, and data protection standards, and HitBTC along with QRYPTOS represent market leaders of that kind.”
Addition of the ADH token to quoting lists will result into multiple positive effects such as improved liquidity of the token, extra attention to the project and further fueling of AdHive active community that together will contribute to the platform marketing efforts on rapidly developing Asian markets.
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Tax filing deadline in the U.S. comes just in a couple of days. But as it has been by Credit Karma, a very small group of American residents have filed their tax reports on cryptocurrency holdings.
Credit Karma Tax has studied the most recent 250,000 filers on its platform and has found out that only “a tiny fraction” of that group had reported their crypto-fueled gains. This tiny fraction is fewer than 100 people which is roughly 0.04 per cent.
The results of this research are really alarming as it is believed that for the 2017 tax year American residents have $25 billion in cryptocurrency-fueled capital. But if Credit Karma’s estimations are close to the reality, a lot of American people may have problems with the tax authorities.
The Internal Revenue Service (IRS) of the United States federal government considers bitcoin and altcoins to be a property and their holders should report their profits or losses. Transactions with cryptocurrencies are subject to capital gains tax. And it is so regardless of the type of this transaction, it could be, for example, just purchasing goods on the internet using crypto assets or trading on crypto exchanges.
In other words, those people who sold cryptocurrency holdings in 2017 now are obliged to report those transactions. But when investors are keeping crypto assets that were bought last years, no taxes are applied.
Crypto mining is also taxed. And there is no difference whether the gained holdings are sold or not. New cryptocurrency holdings that were generated as a result of hard forks, as for example the bitcoin cash fork, are also taxable in some situations, but the IRS still hasn’t presented clear guidance for this aspect.
US residents who have received profits from their cryptocurrency holdings last tax year should file Form 8949. This document is tracked by Credit Karma Tax for analyzing results. Nevertheless, as we have already mentioned, only a very small group of people have already fulfilled their tax obligations in respect of their cryptocurrency holdings.
to general manager of Credit Karma Tax Jagjit Chawla, “There’s a good chance that the perceived complexities of reporting cryptocurrency gains are pushing filers to wait until the very last minute”.
Though crypto traders are not afraid of taking risks in respect of their investment portfolios, they seem to be much more cautious about dealing with the IRS. “I want to reassure people that it’s not as complex as it may seem at first glance and that Credit Karma Tax has a number of resources about how to approach bitcoin and taxes,” added Jagjit Chawla.
Cryptocurrency investors are already under close attention of the IRS, as it has become clear from the recent information about the fact that Coinbase was enforced to send thousands of records to the tax agency. The IRS was mostly interested in details about the accounts of people who had more than $20,000 in transactions of any type in the 2013-2015 tax years.
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