The German bank VPE Wertpapierhandelsbank AG (VPE) has received a license from the Federal Financial Supervisory Authority to provide cryptocurrency trading services to its institutional clients.
Institutional investors or “whales” around the world hold vast amounts of capital and seek opportunities to profit from the cryptocurrency markets, but often face various barriers to entry, including regulatory hurdles.
Bank spokeswoman Katarina Strenski believes that “in recent years, some types of cryptocurrencies, such as Bitcoin, Litecoin, Ethereum and others, have become a promising asset class. Today, trading in digital tokens is limited to cryptocurrency exchanges and online platforms. We are pleased to be the first German bank to offer crypto trading services to our clients.”
VPE is an over-the-counter trader that provides brokerage, investment advisory and portfolio management services to financial corporations, retail and institutional investors. In this regard, the bank also offers clearing services, settlement of securities transactions, contracts for difference, options and futures.
The entry of German companies into the cryptocurrency market will undoubtedly impact the sector. The country is considered Europe's economic engine and one of its largest economies, a persistent innovator and a major exporter of goods. Since German institutional investors are among the most profitable companies in the world, their involvement in the cryptocurrency market could be a boost for the sector.
For its part, VPE Bank, according to its press release, “has an impressive portfolio of trading activities and access to the appropriate networks and technical requirements to process one-time transactions. VPE also meets all Know Your Customer and Anti-Money Laundering legislation requirements."
VPE also offers automated cryptocurrency transactions, "developed in conjunction with Solarisbank, the first licensed banking platform, as well as support from leading cryptocurrency experts in the banking and legal sectors. Clients will also have access to a personalized digital currency wallet hosted by VPE. This will make trading fast and simple, while ensuring the highest standards of security," claims bank.
According to https://chaining.ru
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