SITV to Expand Digital Financial Services via Partnership With German Bank
Blocktrade Technology Ltd. (BTT), the subsidiary of Stockholm IT Ventures AB (SITV) has recently partnered with Valens Bank, an offshore private bank based in Germany that allows for deposits of various cryptocurrencies such as BTC, BCH, ETH, and LTC.
The main goal of the partnership is expanding SITV into digital services. The agreement between SITV and BTCC stipulates that the German bank will be using the BTT Crypto Trading Toolbox exclusively for crypto fund trading. For those that don’t know, the Stockholm-based company specializes in cryptocurrency production while the German bank provides banking services that support multi-currency accounts, pre-paid credit cards, stock broking facilities, cryptocurrency wallet, as well as other financial services worldwide.
“It’s an exciting time to partner with Stockholm IT Ventures and Blocktrade Technology‘s innovative approach to the crypto space,” Torben Pedersen, Director of Valens Bank comment regarding the event in the latest press release.
He further went on to state that “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.”
Both companies are expected to work together in order to make the product a reality. The official launch of the product is expected to take place in September.
Interesting partnership for both involved parties
“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,” the Managing Director of Blocktrade Technology, Fredrik Waijnstad, stated.
As per the agreement, Blocktrade Technology is to receive a yearly license fee of 1,5% on deployed capital.
Whether this partnership will prove to be beneficial for both companies remains to be seen. Nevertheless, it’s a very good example of crypto-related, international cooperation between two financial institutions.