Nov 15, 2018 10:18 UTC
Nov 16, 2018 at 11:59 UTC
Bitcoin.de Acquires 100% stake in Investment Bank Tremmel
Germany’s only regulated crypto exchange Bitcoin.de in a significant step has acquired a 100% stake in Frankfurt-based Tremmel bank for an undisclosed amount. The recent acquisition will help the Bitcoin Group SE, owner of Bitcoin.de to explore and extend its services for digital currencies.
The German Banking license for Tremmel Bank will allow the Bitcoin Group SE to regulate different types of new Crypto services, investment options and even maintain a chain of Crypto ATMs. Tremmel Bank has a well-connected ecosystem of local banks, foreign banks, investment firms, insurance firms, and fund companies.
The Bitcoin SE group has opened the gates for a well-regulated Crypto exchange with a plethora of crypto-related products and services. The firm can also thank the German Federal government for their vested interest in regulating cryptocurrencies and blockchain based technology. The government in June observed that the volume of cryptocurrencies in regulation is quite small when compared to the size of their financial system. Thus, with better laws and authority, crypto sure has a chance to become mainstream.
Managing director of Bitcoin Group SE, Mr. Marco Bodewin said,
“We are very pleased that in Tremmel… we have been able to gain an excellently positioned partner with in-depth knowledge of the market. This will enable us to take the corporate development of Bitcoin Group SE to a new level.”
The primary focus behind the acquisition is being attributed to a well-defined growth strategy for Bitcoin.de. The main focus of investors behind the project is to develop Bitcoin.de into a multilateral Cryptocurrency exchange. The investment bank cum regulated crypto exchange can now maintain an Order book and even quote prices which would eventually lead to more liquid trading.
The financial details of the acquisition are yet to be disclosed by the firm. However, they have said the purchase price is in the lower seven-digit Euro range.