BCB Group, the crypto-dedicated funds providers supplier, has acquired fintech-focused Sutor Bank, gaining management of a German financial institution to drive its enlargement in the European Union.
Terms of the deal, which requires approval from the German regulator, BaFin, weren’t disclosed. BCB stated it expects the transaction to be cleared by the tip of February.
“Adding a fully licensed bank to the group will enable BCB Group to better service its clients in the EU and drive growth across its business line,” the corporate stated in a press release.
The London-based firm has witnessed an enormous leap in quantity development, and in February this 12 months processed over $4 billion in funds and trades, in response to a press launch. In March it raised $4.5 million because it sought to achieve extra licenses and make a push into Switzerland and Singapore.
Hamburg, Germany-based Suto was based in 1921.
Moonpay, a cryptocurrency funds app, entered right into a strategic partnership with BCB Group in June this 12 months. The partnership concerned Moonpay taking a large stake in BCB Group and phrases of the deal have been additionally not disclosed.
Read extra: MoonPay Takes ‘Sizable’ Stake in Crypto Banking Provider BCB Group