A German securities trading bank has announced the first regulated cryptocurrency exchange for institutional investors, or whales, as larger investors are known in crypto markets. VPE Wertpapeierhandlesbank AG (VPE) has partnered with solarisBank to launch a cryptocurrency exchange. SolarisBank is a Berlin-based technology company specializing in digital banking platforms. VPE is the first German bank to offer a cryptocurrency trading service, and has received the licensing necessary to move forward with the exchange, which will be regulated by the Federal Financial Supervisory Authority (BaFin).
A statement on the VPE website indicates that the service is available “exclusively to institutional and professional clients,” but does also say that a private client can submit a written request to be considered a professional client. Cryptocurrency wallets hosted by VPE can be accessed by customers.
VPE Public Relations Manager, Katharina Stenski, said, “Cryptocurrencies such as Bitcoin (BTC), Litcoin (LTC), Ethereum (ETH) and others have become a promising asset class in recent years. To date, trading digital token has been restricted to crypto exchanges and online marketplaces. We are pleased to be the first German bank of offer our customers cryptocurrency trading services.”
Other companies are also expressing interest in getting into the cryptocurrency trading sphere: Bloomberg reported that international investment bank Barclays was in the first phases of assessing whether or not there was enough client interest to open their own cryptocurrency trading desk, and Gazprombank, a state-owned Russian bank, announced that they planned to pilot cryptocurrency transactions in Switzerland, due to the country’s existing and somewhat flexible cryptocurrency legislation.