London-based crypto-processing BCB Group acquired Sutor Bank, founded in 1921 in Hamburg, Germany, with a focus on fintech solutions.
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
The parties expect to receive the approval of the regulator by the end of February.
Terms of the deal were not disclosed.
Sutor Bank operates the platform banking-as-a-service and supports independent financial advisors with a wide range of products, including savings and retirement plans.
“The addition of a fully licensed bank will enable BCB Group to better serve its clients in the EU and drive business growth.”, – said in a press release.
According to crypto processing data, in 2021 it processed payments more than $ 40 billion…
Recall that in March, BCB Group raised $ 4.5 million to obtain licenses in Singapore, Switzerland and other jurisdictions.
Earlier, crypto processing introduced the BCB Treasury service, which opened access to bitcoin and other digital assets to clients. It allows corporations to trade, manage and store cryptocurrency as part of their strategy.
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