German bank VPE Wertpapierhandelsbank AG (VPE) announced the launch of a trading cryptocurrency platform for its institutional investors - the first of its kind in Germany. VPE has received the official permission from the German Federal Financial Supervision Authority (Bafin), and the bank decided to expand its brokerage services and offer "best technologies" to its customers. At the same time, all services will be "safe and regulated".
Katharina Strenski, public relations manager at VPE. He said through a press release from PRNewswire last April 25:
“Cryptocurrencies such as Bitcoin, Litecoin, Ethereum and others have become a promising asset class in recent years.” To date, the exchange of digital tokens has been restricted to encryption exchanges and online markets. the first German bank to offer our clients’ cryptocurrency services “.
Throughout the world, institutional investors, they are also "whales", usually control huge amounts of capital. They continuously searched for ways to penetrate the cryptocurrency markets, but often faced barriers from their own lobbying efforts that saved them from competition. Because of this, access to a developing asset class is difficult for them.
VPE provides brokerage services, investment advice and portfolio management to financial corporations, private and institutional investors. The bank also offers clearing services, settlement of transactions with securities, contracts for difference, options and futures. Germany is an economic power, and therefore any step that German companies make in the crypto space will undoubtedly affect the market. Germany is the economic engine of the European Union and its largest economy, a constant innovator and the largest exporter of goods.
All this shows the emergence of a stimulus in the development of the digital assets sector, as German institutional investors are among the most successful in the world.
"VPE has impressive trading indicators and has access to the appropriate networks and equipment for processing individual transactions. VPE also complies with all the requirements of KYC / AML.
Although VPE is the first bank in Germany to offer a direct cryptocurrency trading service, it is not first bank in the European Union (EU) to offer such a service. That honor belongs to Liechtenstein's Bank Frick, which became the first bank in Europe (if not the world) to offer direct investment in five of the leading cryptocurrencies as well as secure safekeeping via “cold storage wallets." In the announcement on its website, Bank Frick stated that this service would allow "professional market participants" and financial intermediaries" to buy Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP) and Ether (ETH) using euros, US Dollars, or Swiss francs.
"VPE offers automated cryptographic trading, developed in partnership with Solarisbank, the first banking platform with a full banking license, and with the support of leading banking and crypto experts. This will make trading quick and easy, while ensuring the highest standards of safety, "the company claims.