German Cryptocurrency Firm Buys Frankfurt Investment Bank

2018/11/15/ 10:14



Bitcoin Group SE, the company that owns the only licensed cryptocurrency exchange in Germany, has purchased a Frankfurt investment bank in its entirety.


The bank is Tremmel Wertpapierhandelsbank GmbH. According to its website, it handles securities/bonds/stock exchange trading for institutional clients, such as banks and investment companies. It was created in 1983 and is licensed by the Federal Financial Supervisory Authority, or BaFin, Germany’s financial watchdog, as an investment service provider.


Bitcoin Group wants to use this licence to sell different types of investment contracts, as well as open up Bitcoin ATMS. In January it purchased 50 percent of investment broker SIneus Finance Services, for the same reason.


Hailing from Herford, a town in north-western Germany, Bitcoin Group is blockchain venture investment firm founded in 2008. Its cryptocurrency exchange is called Bitcoin.de. Bitcoin Group has a market value of 132 million euros and is listed on the stock exchanges of Dusseldorf and Frankfurt. In June 2018 it published its financial results for the year so far; it made 3.3 million euros profit in the first half of 2018, compared with 819,000 euros in the previous year.


Low seven figures
The price of the latest deal was described as being in the “low seven digit range”, according to Borse Frankfurt. The deal is expected to be completed in the first half of next year. Tremmel managing director and previous sole shareholder Rainer Bergmann is to continue in his position.


Marco Bodewein, managing director of Bitcoin Group, said: “We are very pleased that in Tremmel…we have been able to gain an excellently positioned partner with in-depth knowledge of the market. This will enable us to take the corporate development of Bitcoin Group SE to a new level.”


The German watchdog has repeatedly warned investors to be cautious with cryptocurrency dealings. Only last week it flagged an illegally-operating cryptocurrency company called Crypto-Capitals, which is apparently owned by a British company called Finatex,


Last month, Germany’s central bank, Deutsche Bundesbank, tested a blockchain project with Deutsche Borse using Hyperledger Fabric.





Article Source: financemagnates
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