Swedish tech firm partners with Germany’s Valens Bank for crypto fund trading

Swedish tech firm partners with Germany’s Valens Bank for crypto fund trading

A Swedish technology company has announced a partnership between its blockchain subsidiary and a German bank, paving the way for a new crypto fund for institutional investors.

Stockholm IT Ventures AB announced that its subsidiary, Blocktrade Technology, had signed a software licensing agreement with Valens Bank, which will see Valens handling trading through its new crypto fund with the help of Blocktrade Technology’s Crypto Trading Toolbox.

The agreement is the second similar partnership between the firms, with Blocktrade Technology already assisting Valens in providing a range of digital currency services to its clients.

Welcoming the partnership, Fredrik Waijnstad, Blocktrade Technology’s managing director, said the licensing deal was one of several in the pipeline for the rest of this year.

According to Waijnstad, “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,” adding, “this agreement is yet another proof of concept and what we believe to be one of many high value deals to come this year.”

Torben Pedersen, director of Valens Bank, said Blocktrade’s software would offer the high-level performance institutional investors demand.

“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,” Pedersen said.

Blocktrade is set to receive a 1.5% commission on deployed capital as a licensing fee for the deal, which is expected to appeal to institutional investors looking for cryptocurrency products.

The new trading fund is expected to launch to investors in September, with the firms immediately getting to work on implementation ahead of the rollout.

In addition to the new fund, Valens Bank already provides a range of financial services, including stock brokerage and cryptocurrency wallet services, to clients worldwide.

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