Swedish cryptocurrency technology company Stockholm IT Ventures AB (SITV) has inked a partnership with Valens Bank. It is the second time both enterprises will be collaborating. The deal sees the emergence of a crypto fund trading platform which is touted as being the first of its kind in the world.
The Cryptocurrency Fund Trading Agreement
In a press release published by SITV on its website, the company announced the deal with Valens Bank. According to the statement, the bank will utilize the BTT Trading Toolbox for Crypto Fund Trading exclusively. This toolbox enables traders to seamlessly manage the digital assets of their clients via cutting-edge AI trading tools. Blocktrade Technology (BTT) is a subsidiary of SITV and is the company directly in partnership with the bank.
Based on this new partnership, SITV will be able to expand its service in the digital currency space. The company already focuses on blockchain technology, as well as, cryptocurrency production.
Commenting on the collaboration, Blocktrade Managing Director Fredrik Waijnstad 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. 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.”
1.5 Percent License Fee
Further details of the deal reveal that BTT will earn a 1.5 percent yearly license fee on “deployed capital into the trading program” stipulated by the bank. Also, stakeholders from both organizations are reportedly working on the integration protocols for back-end mechanics in preparation for a September 2018 launch.
Valens Bank Director Torben Pedersen expressed delight at the progress made thus far, saying,
“It’s an exciting time to partner with Stockholm IT Ventures and Blocktrade Technology’s innovative approach to the crypto space. 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 thorough due diligence of the BTT software in live trading situations and are amazed by its performance.”
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