BCB Group crypto processing company has acquired German bank
In a deal, BCB Group took over Sutor Bank, founded 100 years ago
16.12.2021 - 08:15
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What’s new? The UK crypto processing BCB Group has announced a deal on Twitter to take over Sutor Bank, a German financial institution with a 100 year history.
BCB Group is delighted to announce today that Hamburg-based @SutorBank is joining the group!Find out more: https://t.co/PUrlRq5zE2 pic.twitter.com/bzZVvvIaYi— BCB Group (@BCBcrypto) December 15, 2021
What is known about the companies? SutorBank's activities are focused on fintech solutions. The institution operates its own BaaS platform and maintains a staff of independent financial advisors.
BCB Group’s crypto processing has processed more than $40 billion in payments this year. Large funds have invested in the company and BCB Treasury, an enterprise service for trading and storing cryptocurrencies, was launched in February 2021.
What is known about the deal? With the purchase of a licensed bank, BCB Group will be able to provide more services to its EU customers. The deal will not be fully completed until early next year when it will receive regulatory approval. The company has not yet disclosed the amount and terms.
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