VPE Bank First German Bank to Launch Cryptocurrency Trading

VPE WertpapierhandelsBank AG (VPE) has recently launched a regulated cryptocurrency trading services for institutional investors.

“Cryptocurrencies such as Bitcoin, Litecoin, Ethereum and others have become a promising asset class in recent years. To date, trading digital tokens has been restricted to crypto exchanges and online market places. We are pleased to be the first German bank to offer our customers cryptocurrency trading services,” said Katharina Strenski, Public Relations Manager at VPE.

VPE has proven to hold an impresive history when it comes to trading and also meets all KYC (Know your Customer) and AML (Anti-Money-Laundering) requirements.

This service has been developed in a partnership with solarisbank a tech company with a full German banking license. They plan on providing automated cryptocurrency trading, the first of its kind in Germany, however this service is only available to Institutional clients currently.

“Our Cryptocurrency Trading service is conducted exclusively to institutional and professional clients. A private client may ask us in writing to be treated as a professional client.” 

Similar sentiment can be found in the UK with Barclays making inquiries into clients interest on a cyptocurrency trading desk. There is a potential that they join the Goldman Sacks Group Inc, rumored to be providing a new business on Wall Street. Barclays has so far only conducted an assessment of demand for such a service and has currently no concrete plans to follow VPE.

“We constantly monitor developments in the digital currency space and will continue to have a dialog with our clients on their needs and intentions in this market,” 

spokesman Andrew Smith told Bloomberg

Perhaps the move by VPE is one to start an avalanche of new institutional money into the cryptocurrency ecosystem.

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