Bitcoin Group SE, the holding company behind German crypto exchange, Bitcoin.de has announced a 100% acquisition of German bank, Tremmel Wertpapierhandelsbank GmbH.
A press release confirming the buy out states that acquiring Tremmel will boost the profile and future of Bitcoin.de, which is reportedly the only regulated crypto exchange existing in the country.
Before now, Tremmel existed as an institution for trading traditional financial assets such as stocks, bonds and other types of securities. The bank will soon be making a transition to digital assets following the buyout.
The exact sum paid to Tremmel for the acquisition was not outlined in the release which only reported that the price is “in the lower seven-digit euro range.” The deal is expected to be wrapped up within the first half of 2019, barring approval by the relevant German financial authorities.
A Defined Growth Strategy
Using Tremmel’s banking and securities trading license, Bitcoin.de will now increase its offering to traders on the exchange as well as the general public. Among other things, Bitcoin Group SE hopes to carry out propitiatory trading with the new license and even roll out Bitcoin ATMs to the streets of Germany.
The new deal also tied down the managing director or Tremmel Bank, Mr. Rainer Bergmann to continue working with the bank at least for a ‘long-term.’ This move will ensure that the relationships and goodwill of one of Germany’s finest trading institute will be used to build a ‘mulitlateral’ crypto exchange at Bitcoin.de.