Home News BCB Group acquired a 100-year-old German Bank

BCB Group acquired a 100-year-old German Bank

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BCB Group acquired a 100-year-old German Bank. BCB Group, a London-based crypto payments services provider, acquired Sutor Bank, founded in 1921 in Hamburg, Germany, with a focus on fintech solutions.

Thus, the parties expect to receive regulatory approval by the end of February. Moreover, the terms of the transaction were not disclosed.

Sutor Bank operates the banking-as-a-service platform and supports independent financial advisors with a wide range of products, including savings and retirement plans.

License from the UK Financial Conduct Authority

“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 press release says. According to CoindDesk, in 2021 BCB Group processed payments of more than $40 billion.

In January 2020, the BCB Payments subsidiary received a payment operator license from the UK Financial Conduct Authority (FCA).

In March, BCB Group raised $4.5 million to obtain licenses in Singapore, Switzerland and other jurisdictions. Investment firm North Island Ventures and a provider of cryptocurrency wallets Blockchain.com led the funding round. Pantera Capital, L1 Digital and Pack Capital also participated in it.

Providing payment services in more than 20 fiat and digital currencies

Earlier, a London-based company introduced the BCB Treasury service. Which opened access to Bitcoin and other digital assets to customers. With its help, corporations can trade, manage and store cryptocurrencies as part of their strategy.

Dubai-based Falcon Corporate Services FZC has become the first customer of the Treasury service. It has allocated 75% of its reserves to Bitcoin, which is equivalent to several million dollars.

BCB Group provides payment services in more than 20 fiat and digital currencies, in addition to cryptocurrency custodians. Furthermore, the firm’s clients include Coinbase, Kraken, Bitstamp and Galaxy Digital.

Recall that the provider of analytical software MicroStrategy became the first public company to invest part of its capital in digital gold. In the beginning of December, the company additionally bought 1434 BTC.

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