The acquisition will enable the operator of Bitcoin.de, Germany’s only regulated trading platform for digital currencies, to expand its range of services. Tremmel German banking license as an investment service provider will allow Bitcoin Group SE to issue its own crypto-related products, conduct proprietary trading in cryptos and operate crypto ATMs.
“We are very pleased that in Tremmel… we have been able to gain an excellently positioned partner with in-depth knowledge of the market,” Marco Bodewein, managing director of Bitcoin Group. “This will enable us to take the corporate development of Bitcoin Group SE to a new level.”
The acquisition follows the “clearly defined growth strategy” of developing Bitcoin.de into a cryptocurrency exchange with a multilateral approach. With the acquisition, it would now be possible to maintain an order book and even quote prices, which would ensure more liquid trading.
While the exact amount of money is not disclosed, Bitcoin Group said the purchase price is in the lower seven-digit euro range. It noted that that the closing is set to be completed in the first half of 2019 and is subject to the condition precedent of approval by the relevant regulatory authorities.