We often hear about how Bitcoin BTC is trying to disrupt the financial industry. Well, it turns out that a German currency encryption has cut off the broker and just bought a bank.
Earlier this week, the German company Bitcoin Group SE announced that it has successfully acquired a 100% stake in a Tremmel Wertpapierhandelsbank GmbH investment bank.
With this acquisition, the group will absorb Tremmel's federal financial supervision (BaFin), opening additional product development doors.
The BaFin license will allow Bitcoin Group SE to develop and sell encryption-based investment contracts (such as futures or ETFs) and also to develop Bitcoin ATMs.
The announcement did not specify how much the investment bank has purchased, but it is reported to be in the "lower seven-digit range". Probably this means somewhere between one and five million euros.
The agreement will be formally closed in the first half of 2019 after approval by the competent regulatory authorities.
Although blockchain and cryptocurrency promise to disrupt the financial industry, it has not stopped banks from entering a piece of action as well.
Earlier this year, an Australian bank used chain blocks to spot a 17,000 kilogram almond mission to Germany. In October, NatWest announced that it would use the blockchain to manage its syndicated loan portfolio.
Post November 15, 2018 – 12:52 UTC