Swedish tech operator partners with Valens Bank

August 23, 2018
Chris Wheal

Cryptocurrency production company Stockholm IT Ventures (SITV) has inked a new software licence with Germany’s Valens Bank, an off-shore multi-currency financial services startup. The agreement is between the Swedes’ Blocktrade Tech Ltd subsidary and the German banking operator. 

Pro-trade edge claimed

It’s thought this is the second agreement expanding into digital financial services Valens Bank has entered with SITV. Blocktrade Tech will get an annual license fee of 1.5% on all deployed capital into the trading program set out by Valens.

The agreement stipulates Valens bank will use the BTT Crypto Trading Toolbox for crypto fund trading exclusively.

Valens Bank is widening its payment options

“We are confident that this software will offer great value to clients and give pro-traders the market edge all are looking for,” said Torben Pedersen, director, Valens Bank. “We have made a thorough due diligence of the BTT software in live trading situations and are amazed by its performance.”

More deals to come?

The agreement should be in line, says Fredrik Waijnstad, Managing Director of Blocktrade Technology, with their “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.” SITV is listed on the Frankfurt Stock Exchange and focuses on cryptocurrency mining and production, plus blockchain related technology.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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