The first bank based in Germany to trade cryptocurrency has revealed its feature. WEPP WerpapierhandelsBank AG (VPE) has launched its new crypto service, according to VPE press release.
The announcement was made on 25th April 2018. VPE is subordinated to the Federal Financial Supervisory Authority and is for sure the first bank in Germany to have high expectations about the benefits that can be obtained from such a crypto service.
According to the statement published on the bank‘s website, crypto service can only be used by “institutional and professional clients“. Note that a “private client” may become a “professional client” by writing a personal notification to the financial institution.
“Cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and others have become a promising asset class in recent years. To date, trading digital tokens has been restricted to crypto exchanges and online marketplaces. We are pleased to be the first German bank to offer our customers cryptocurrency trading services,” explained the Public Relations Manager at VPE, Katharina Strenski.
The crypto service was developed in collaboration with Berlin-based solarisBank, a tech company that creates “digital banking platforms”.
According to VPE, users will benefit from a unique wallet provided by the bank. “VPE’s virtual currency trading account is held in escrow by solarisBank. Customers will also receive access to an individual virtual currency wallet hosted by VPE. This will make trading fast and simple while ensuring the highest security standards,” according to the Press Release.
The service provided by VPE is dedicated to investors who have encountered difficulties in realizing crypto transactions. Strenski marks in the press release that bank’s feature offers the best alternatives and conditions of use.