German cryptocurrency exchange Bitcoin Group SE acquired investment bank Tremmel Wertpapierhandelsbank GmbH, aiming to significantly expand its service portfolio. The purchase price was not disclosed, but the company said it is in the lower seven-digit euro range.
The closing of the deal is expected to be in the first semester 2019 and is subject to relevant regulatory approval.
Bitcoin Group, which holds current assets of $40 million, is said to operate Germany's only regulated crypto exchange, Bitcoin Deutschland AG, also referred to by Bitcoin.de. The latest is its second acquisition in 2018.
With the acquisition, Bitcoin Group expects to obtain the use of Tremmel's banking license, which will help to significantly expand its crypto-related offerings. The exchange expects to issue its own cryptocurrency products, conduct proprietary trading in cryptocurrencies, and operate cryptocurrency ATMs in Germany.
Germany's first Bitcoin ATM was established at the end of October reportedly in a Munich gambling hall.
Rainer Bergmann, Tremmel's managing director, will continue to manage Tremmel and would expand it into a custodian bank together with Bitcoin Group SE.
In similar developments, Canadian holding firm GoverMedia Plus Canada plans to acquire British crypto exchange EXMO.
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