How German security Trading Bank, Becomes First in Country to Trade Crypto?
German securities trading bank a VPE Wertpapierhandels Bank AG (VPE), has partnered with Berlin-based technology company Solaris Bank to launch a crypto-currency trading service for institutional investors.
VPE is regulated by the Federal Financial Supervisory Authority (BaFin) and is purportedly the first bank in the country to offer a crypto-currency trading service. According to a statement on the bank’s website, the service is available “exclusively to institutional and professional clients”, although a private client may ask in writing to be considered a professional client.
Katharina Strenski, Public Relations Manager at VPE, commented:
"Cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and others have become a promising asset class in recent years. In present, 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 crypto-currency trading services."
The product was developed in collaboration with Solaris Bank, a technology company that makes digital banking platforms. VPE also states that customers will have access to a wallet hosted by the bank.