Germany’s only regulated cryptocurrency exchange has announced the acquisition of Bank Tremmel Wertpapierhandelsbank GmbH.
The announcement by Bitcoin Group SE, the holding company behind Bitcoin.de, signals not only expanding its current trading services but also its potential to operate cryptocurrency ATMs in the country. Tremmel Bank is not only well connected with both domestic and foreign banks, but also insurance companies, asset managers and fund companies.
This places Bitcoin Group SE in an ideal position to begin offering crypto custodial services as part of an expanded service through its bank as well as expanding its cryptocurrency offerings. Tremmel’s competence in the trading of stocks, bonds, and other exchange products is sure to have been a driver in the acquisition.
The exact acquisition figure has not been revealed by Bitcoin Group SE although a press release put the amount “in the lower seven-digit euro range”. However, before the move can go ahead, Germany’s Federal Financial Supervisory Authority (BaFin) need to give final approval. As Bitcoin Group SE has acquired 100% of Tremmel, the accompanying banking license becomes another huge asset in terms of future plans to extend its crypto profile and associated services once the takeover is complete.
Earlier this year, the German Federal Government stated that cryptocurrencies do not pose a threat to financial stability. The government stated on 12 June that the volume of cryptocurrencies, when juxtaposed to the overall size of the German financial system, is comparatively low and, therefore, simply needs careful monitoring and regulatory measures put in place in order to control the space.
Recently, Germany’s second-largest stock exchange, Boerse Stuttgart, took the step to host Crypto Trading and Coin Offerings. The intention for Boerse Stuttgart is to keep everything under one roof where hosted ICO coins can be traded alongside leading cryptocurrencies such as BTC and ETH.
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