According to a VPE press release on April 25th, a partnership has been formed between VPE Wertpapierhandelsbank AG (VPE), a German securities trading bank, and a Berlin-based technology company solarisBank with the aim of launching a cryptocurrency trading service for institutional investors.
VPE is regulated by the Federal Financial Supervisory Authority (BaFin) and is reportedly the first bank in Germany to offer a cryptocurrency trading service. As per a statement published on the bank’s official website, it reads as follows, “the service is available ‘exclusively to professional and institutional clients’, and for a private client to be considered as a professional client, they would have to ask for it in writing.
Katharina Strenski, Public Relations Manager at VPE, also commented on this partnership, which reads as follows:
“Cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), amongst several others have transformed into a tremendous potential class asset in recent years. Right until today (25th April), trading of digital tokens could only be done through crypto exchanges and online marketplaces. We are extremely delighted to be the very first German bank to present our valued customers with cryptocurrency trading services.”
VPE has formed a partnership with solarisBank, a technology company that creates digital banking platforms for developing this reportedly very first crypto trading platform offered by a bank in Germany.
Furthermore, the German securities trading bank also mentioned that customers would have complete access to a wallet hosted by the bank.
This news seems to be in tandem with the recent trend of banking institutes teasing with the idea of cryptocurrencies. For instance, earlier in the month, it was revealed on Bloomberg that international investment bank Barclays was conducting a preliminary assessment, to learn if, it would be feasible to launch a cryptocurrency trading desk solely based on client interest.
Although these developments are completely in contrast with the original aim of cryptocurrencies, for now, it would be interesting to see how this affects the crypto market.