On the way to their mass adoption, crypto services are gaining their popularity penetrating new spheres and locations. This time the news has come from Sweden, where Blocktrade Technology Ltd., the subsidiary of technology company specializing in cryptocurrency production and blockchain technology called Stockholm IT Ventures AB (SITV), signed an agreement with the local bank.
The agreement presupposes cooperation between Blocktrade Technology Ltd. and Valens Bank, an offshore private bank based in Germany. According to the official press release, in the framework of the signed agreement, Valens Bank shall utilize the BTT Crypto Trading Toolbox exclusively for Crypto Fund Trading.
The BTT Crypto Trading Toolbox can be used by professional traders in order to control and manage the digital assets of their clients. Taking into consideration such a functionality of this tool, there is no surprise that Valens Bank has paid attention to it.
The bank offers not only traditional banking services but also focuses on a number of up-to-date banking products that include share dealing accounts, pre-paid credit cards, stock broking facilities, cryptocurrency wallet and a wide range of other financial services worldwide.
Commenting the new agreement, Torben Pedersen, the Director of Valens Bank, said:
“It’s an exciting time to partner with Stockholm IT Ventures and Blocktrade Technology’s innovative approach to the crypto space. 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.”
According to the official information, this is already the second agreement between these two partners on the issue of digital financial services. Such a move is beneficial not only for the bank seeking for tech solutions but also for the company itself as this cooperation will help it to expand its operations into digital financial services.
The Managing Director of Blocktrade Technology, Fredrik Waijnstad, also expressed their company’s excitement about this collaboration:
“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. For us, this agreement is yet another proof of concept and what we believe to be one of many high value deals to come this year.”
A yearly license fee for Blocktrade Technology will be established at the level of 1.5 percent on deployed capital into the trading program set forth by Valens Bank. The two partners will work in cooperation during the upcoming weeks with a view to be prepared for an official launch of the product for the bank’s clients. The launch is planned to take place in September 2018.