Swedish Tech Company to Trade Crypto Fund in Exclusive Partnership With German Bank

2018-8-23 10:05

Stockholm IT Ventures AB (SITV), a Swedish technology company specialized in cryptocurrency production, announced that its subsidiary, Blocktrade Technology Ltd. (BTT), has signed a software license agreement with Valens Bank, an offshore private bank based in Germany that eases deposit of cryptocurrencies such as BTC, BCH, ETH, or LTC. The agreement reportedly stipulates that Valens bank will be using the BTT Crypto Trading Toolbox exclusively for Crypto Fund Trading.

Also read: Swedish Bank Allegedly Forbids Employees from Owning Cryptocurrency

SITV to Expand Digital Financial Services

It is reportedly the second time that Valens Bank, which provides banking services and multi-currency current and share dealing accounts, pre-paid credit cards, stock broking facilities, cryptocurrency wallet and other financial services worldwide, has made an agreement with Stockholm IT Ventures for the purpose of expanding SITV into digital financial services.

“It’s an exciting time to partner with Stockholm IT Ventures and Blocktrade Technology‘s innovative approach to the crypto space,” Torben Pedersen, the Director of Valens Bank said in a press release statement. “We are confident that this software will offer great value to clients and give pro-traders the market edge all are looking for. We have made a thorough due diligence of the BTT software in live trading situations and are amazed by its performance,” he was quoted saying.

BTT to Approach Institutional Investors and Banks

An official launch of the product is expected for September for the clients of Valens Bank, in the meantime, the partners will reportedly work together diligently the next few weeks to integrate the back-end mechanics. “We are proud to deliver our first license deal with Valens Bank. The agreement is perfectly in line with Blocktrade Technology’s strategic goals and approach for Institutional investors and banks who aim to offer great returns on investments,” Fredrik Waijnstad, the Managing Director Blocktrade Technology said. Mr. Waijnstad continued, for his company “this agreement is yet another proof of concept and what we believe to be one of many high value deals to come this year.” Blocktrade Technology will receive a yearly license fee of 1.5 % on deployed capital into the trading program set forth by Valens Bank.

What do you think of this Swedish Tech company expanding digital financial services together with the German offshore private bank? Let us know in the comments section below.

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