Sweden based cryptocurrency production and blockchain company Stockholm IT Ventures AB, announced on August 22, 2018, that its subsidiary concern Blocktrade Technology Ltd. has entered into a software licensing contract with Valens Bank.
Per the press release, the signed agreement allows Valens Bank to make use of the “BTT Crypto Trading Toolbox” exclusively for crypto trade funding.
Expansion on the Horizon
Stockholm IT Ventures AB is a Swedish company specializing in cryptocurrency mining and production. The firm also has a history of blockchain implementation projects. Valens Bank is a German multi-currency financial services startup and has established an impressive repo in the market for its high-quality traffic for international payments.
The partnership between Stockholm IT Ventures and Valens Bank has definite mutual upsides involved for both the parties. Valens Bank will aim to expand SITV into digital financial services.
Stipulations of the agreement state that Blocktrade Technology will receive a yearly license fee of 1.5% based on the capital deployed into crypto trading program.
Going forward, the two firms are expected to work cohesively in order to integrate the back-end mechanics. The service is expected to launched by September 2018 for Valens Bank clients.
It’s worth pointing out that this isn’t the first instance these both firms have entered into a coalition, which speaks volumes about the strengthening bond between the two entities. The companies had entered into a similar agreement back in April 2018.
The current agreement between Blocktrade Technology and Valens Bank will aim to create a unique product offering across the globe.
Torben Pedersen, Director of Valens Bank is excited to partner with Blocktrade Technology.
“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. “
Fredrik Waijnstad, Managing Director at Blocktrade Technology said,
“We are proud to deliver our first license deal with Valens Bank. 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.”