Germany’s only regulated cryptocurrency exchange has confirmed it 100% takeover of Tremmel Wertpapierhandelsbank for an undisclosed amount.
Tremmel Bank’s German Banking license will allow Bitcoin Group SE, which operates Bitcoin.de, to regulate different types of new crypto services, investment options and even maintain a chain of crypto ATMs.
Tremmel Bank currently operates a range of local banks, foreign banks, investment firms, insurance firms and fund companies.
Based in Frankfurt, Tremmel has operated as a minor financial institution since the early 1980s, with previous owner Rainer Bergmann staying on to contribute to future growth and oversee the creation of a “deposit institution,” states a press release.
“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,” said Marco Bodewein, Managing Director of Bitcoin Group SE.
“This will enable us to take the corporate development of Bitcoin Group SE to a new level,” he added.
Once the process is completed, which is expected to happen by Q3 2019, Bitcoin Group SE will focus on turning Bitcoin.de into a “cryptocurrency exchange with a multilateral approach.”
“This offers numerous advantages,” notes the press release.
For example, it would be possible to maintain an order book and even quote prices, which would at the same time ensure more liquid trading.
The financial details of the acquisition are yet to be disclosed by the firm. However, they have said the purchase price is in the lower seven-digit Euro range.