German crypto firm purchases investment bank Tremmel

German crypto firm purchases investment bank Tremmel

Bitcoin group SE, owner of Bitcoin Deutschland AG, announced its acquisition of investment bank Tremmel Wertpapierhandelsbank, which is seen to expand the range of services offered by the cryptocurrency holding firm.

The Frankfurt-listed company purchased 100% of Tremmel shares from the previous sole owner and managing director, Rainer Bergmann, who will remain connected to the bank “on a long-term basis,” according to a press statement.

The amount of the purchase was not disclosed, with only the hint that it was “in the lower seven-digit euro range.” The deal will be finalized by the first half of next year, according to the firm.

Bitcoin Group SE Managing Director Marco Bodewein said, “[W]e have been able to gain an excellently positioned partner with in-depth knowledge of the market. This will enable us to take the corporate development of Bitcoin Group SE to a new level.”

Bitcoin Deutschland AG is said to be Germany’s only regulated marketplace for BCH, ETH, and BTC. With the latest acquisition, the company said it “will be able to issue its own products in connection with cryptocurrencies, conduct proprietary trading in cryptocurrencies and operate ATMs for cryptocurrencies thanks to the banking license of the investment service provider.”

It added that the purchase of Tremmel “follows the clearly defined growth strategy of developing into a cryptocurrency exchange with a multilateral approach.” As an example, it said it will be able to maintain an order book and quote prices, which would also allow for more liquid trading.

In its report for the first half of the year, the company reported sales of €5.7 million ($6.4 million), a 220% increase from the first half of 2017. Profit was €3.3 million ($3.8 million), up 305% year on year.

In January 2018, Bitcoin Group SE purchased a 50% stake in Sineus Financial Services GmbH, as part of the company’s expansion plans.

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