In the latest news, VPE Bank will offer Cryptocurrency trading services in Germany. According to the official statement on the website of VPE, the service is available “exclusively to institutional and professional clients”. However, a private client might request in writing form to be considered a professional client, the bank states.
26 April, AtoZ Markets – One of the German securities trading banks, VPE WertpapierhandelsBank AG (VPE), has entered a partnership with the technology company solarisBank that is based in Berlin. The partnership reportedly will pursue a plan to launch a cryptocurrency trading service for institutional investors.
VPE Bank will offer Cryptocurrency trading services in Germany
As some of the local online media sources report, the VPE is the first bank in the country to offer a cryptocurrency trading service. Currently, this securities trading bank is regulated by the primary German financial markets watchdog, the Federal Financial Supervisory Authority (BaFin).
According to the official statement on the website of VPE, the service is available “exclusively to institutional and professional clients”. However, a private client might request in writing form to be considered a professional client, the bank states. Katharina Strenski, Public Relations Manager at VPE, has been quoted as saying:
"Cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and others have become a promising asset class in recent years. To date, trading digital tokens has been restricted to crypto exchanges and online marketplaces. We are pleased to be the first German bank to offer our customers cryptocurrency trading services."
Banks are considering crypto services
The German bank has developed the new product in collaboration with solarisBank. The latter is a technology company that specializes in producing digital banking platforms. VPE also noted that customers will have an access to a wallet that is hosted by the bank.
Additionally, earlier this month, some of the online reports stated that international banking giant Barclays was carrying out a preliminary evaluation in relation to the client interest in the cryptocurrency trading services.
Likewise, this March, Russian state-owned bank Gazprombank has stated that it considers testing digital currency transactions in Switzerland. As per the bank, Switzerland is a good place for such project due to its liberal crypto stance.
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