VPE (WertpapierhandelsBank AG) became the first German securities bank to launch regulated in-house cryptocurrency trading services Wednesday.
The Berlin-based bank offers investment and private banking solutions to individual customers, self-employed persons and small and medium-sized enterprises worldwide.
The move towards established banking institutions offering crypto trading services which currently exist in online marketplaces and crypto exchanges may pave the way towards adoption by other banks to provide similar trading products, experts say.
Katharina Strenski, public relations manager at VPE, says:
"Cryptocurrencies such as Bitcoin, Litecoin, Ethereum 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."
Customers will receive access to an individual virtual currency wallet hosted by VPE making enabling fast and simple transactions and ensure higher security standards, the bank says.
Strenski added:
"Until now, institutional investors have faced high entry barriers to crypto trading. Our cryptocurrency trading services offer a much more convenient alternative."
VPE has received a license from German financial regulator BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) to offer customers secure and regulated crypto trading services and met anti-money laundering requirements to process individual transactions, the bank says.
SolarisBank, a Berlin-based fintech startup which raised nearly $70 mln in a series B funding round last month, will hold the escrow of VPE's virtual currency trading account, VPE says.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov