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German Cryptocurrency Firm Buys Frankfurt Investment Bank

Bitcoin Group SE, the firm that owns the only licensed cryptocurrency exchange in Germany, has procured a Frankfurt investment lender in its entirety.

The financial institution is Tremmel Wertpapierhandelsbank GmbH. According to its web site, it handles securities/bonds/stock exchange buying and selling for institutional consumers, this sort of as banks and investment decision organizations. It was developed in 1983 and is licensed by the Federal Monetary Supervisory Authority, or BaFin, Germany’s monetary watchdog, as an investment service supplier.

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Bitcoin Team wants to use this licence to offer unique varieties of financial commitment contracts, as perfectly as open up up Bitcoin ATMS. In January it purchased 50 % of expense broker SIneus Finance Companies, for the exact same purpose.

Hailing from Herford, a city in north-western Germany, Bitcoin Group is blockchain undertaking expenditure agency established in 2008. Its cryptocurrency trade is termed Bitcoin.de. Bitcoin Team has a sector price of 132 million euros and is stated on the inventory exchanges of Dusseldorf and Frankfurt. In June 2018 it posted its monetary benefits for the 12 months so much it manufactured 3.3 million euros income in the initially fifty percent of 2018, compared with 819,000 euros in the past 12 months.

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Reduced seven figures

The price of the hottest offer was explained as remaining in the “low seven digit range”, according to Borse Frankfurt. The deal is envisioned to be done in the very first fifty percent of up coming year. Tremmel handling director and previous sole shareholder Rainer Bergmann is to carry on in his situation.

Marco Bodewein, managing director of Bitcoin Team, said: “We are really delighted that in Tremmel…we have been equipped to gain an excellently positioned lover with in-depth understanding of the market. This will enable us to choose the corporate development of Bitcoin Team SE to a new level.”

The German watchdog has continuously warned traders to be cautious with cryptocurrency dealings. Only final week it flagged an illegally-working cryptocurrency company called Crypto-Capitals, which is seemingly owned by a British firm named Finatex,

Last thirty day period, Germany’s central financial institution, Deutsche Bundesbank, analyzed a blockchain challenge with Deutsche Borse utilizing Hyperledger Fabric.

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