- BCB Group buys licensed German bank Sutor Bank
- The deal is awaiting regulatory approval
- The purchase of a banking structure will allow the consulting company to strengthen its position in the EU market
British Consulting company BCB Group, serving major names in the crypto industry such as Coinbase, Galaxy and Kraken, intends to expand its activities in the EU. For this, the organization entered into a deal to purchase the German bank Sutor Bank with 100 – summer history.
The agreement has not yet been approved by the German Federal Financial Supervision Authority (BaFin). However, the parties expect this to happen by the end of February. The amount of the agreement was not disclosed.
BCB Group said in a statement that the deal will improve its understanding and customer satisfaction. However, it is not yet fully clear how this fits in with the main focus in the company’s activities – intermediary services to businesses in the field of digital assets and technologies.
BCB Group is on an uptrend since the beginning of the year. The company is gradually becoming crowded in the UK and Swiss markets. In February 2021, she processed payments and transactions totaling $ 4 billion.
The company provides its services to such giants as Binance, Bitpay and Circle. In June, she signed a strategic partnership deal with MoonPay, a cryptocurrency payments app developer. As a result, MoonPay acquired a significant stake in BCB Group, but the exact amount of the agreement was not disclosed.
Read also: BBVA’s Swiss branch became the first traditional bank to add Ether to their cryptocurrency services.