Blockchain Startup Blocktrade Partners With Germany’s Valens Bank

News | August 23, 2018 By:

Stockholm IT Ventures AB (SITV) has announced that its subsidiary, Blocktrade Technology (BTT), has signed a software license agreement with multi-currency financial services startup Valens Bank.

SITV, a Swedish public company listed on the Frankfurt Stock Exchange since 2014, specializes in cryptocurrency mining and production, and in blockchain related technology. Its subsidiary, Blocktrade, creates tools to automate crypto trading powered by artificial intelligence (AI).

Based in Germany, Valens Bank offers multi-currency current and share dealing accounts, pre-paid credit cards, stock broking facilities, crypto currency wallet, and other financial services. It offers services to private individuals and corporations.

The software license deal is the second agreement Valens Bank has entered with Stockholm IT Ventures for the purpose of expanding SITV into digital financial services. Under the software license agreement, Valens bank will be using the BTT Crypto Trading Toolbox exclusively for Crypto Fund Trading. The partners will work together diligently in the coming weeks to integrate the back-end mechanics that will enable an official launch in September for Valens Bank clients. BTT will reportedly receive a yearly license fee of 1.5% on deployed capital into the trading program set forth by Valens Bank.

“It’s an exciting time to partner with Stockholm IT Ventures and Blocktrade Technology’s innovative approach to the crypto space,” said Torben Pedersen, Director of Valens Bank. “We are confident that this software will offer great value to clients and give pro-traders the market edge all are looking for. We have made a thorough due diligence of the BTT software in live trading situations and are amazed by its performance.”

“The agreement is perfectly in line with Blocktrade Technology’s strategic goals and approach for institutional investors and banks who aim to offer great returns on investments.” said Fredrik Waijnstad, Managing Director of Blocktrade Technology. “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.”