Tuesday, August 20, 2019

Germany’s Only Regulated Bitcoin Exchange to Become a Bank Next Year

The only regulated Bitcoin exchange in Germany will become a bank next year, this was confirmed by the exchange’s operator who announced that, following the 100% takeover of Tremmel Wertpapierhandelsbank, the firm would become a de facto bank.

Bitcoin.de; 100% Take over

Apparently, Bitcoin.de is operated by Bitcoin Group SE, and according to reports, the exchange will be able to offer various services connected to virtual currencies once the deal is completed owing to the banking license.

Tremmel, which is situated at Frankfurt, has been in existence (though as a minor financial institution) since the early 1980s. A press release has also confirmed that the previous owner Rainer Bergmann had stayed in order to see to the growth of the bank and to also monitor the development of a “deposit institution.”

The Managing Director of Bitcoin Group SE, Marco Bodewein, made a comment which implies a readiness and willingness to take the corporate development of Bitcoin Group SE to a new level. He stated that;

“We are very pleased that in Tremmel Wertpapierhandelsbank GmbH and in particular Mr. Rainer Bergmann we have been able to gain an excellently positioned partner with in-depth knowledge of the market.”

Customer Adoption Focus

The whole process is scheduled to have been completed in Q3, next year. Following that, Bitcoin.de will have the legal capacity to venture into the provision of services such as Bitcoin ATMs. As it stands in Germany, it is still a matter of contention whether or not the non-banking license holder can provide exchange services and this recurring question needs redress from appropriate quarters.

Related Article:  Germany Aims To Build Crypto-Friendly Financial System; Plans To Withdraw From US

According to the press release, it can be deduced that the primary focus for Bitcoin Group is to see that Bitcoin.de becomes a “cryptocurrency exchange with a multilateral approach,” the release further pointed it out that “this offers numerous advantages.”

In May, Bitcoin Group first hinted the public that it would be acquiring a “regulated bank headquartered in Germany” and the latest move further increased its monopoly as the only regulated option in the country presently.

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