British crypto service provider takes over Sutor Bank

The 100-year-old Sutor Bank announced that it will soon be part of the crypto company BCB Group. 

The Hamburger Bank announced today, December 15th, soon to be BCB Group To belong. the report according to the integration should take place in two steps. Initially, the London-based company is investing a “substantial amount” in the Hamburg private bank. After BaFin has given its approval, the final takeover will then be finalized.

The British company mainly offers business accounts, payment transactions in 27 currencies and crypto-value trading. The BCB Group already includes regulated companies in Switzerland and the United Kingdom. Big names like Bitstamp, Coinbase or Kraken on.

“We already have frequent inquiries about precisely these services that we previously had to refuse because we were not technically or financially equipped for them. With BCB we are now able to act ”, explained Hartmut Giesen, Business Developer in the area of ​​Digital Partners, Fintech, Blockchain and Crypto at Sutor Bank.

Furthermore, Giesen said that the takeover was also a sensible undertaking on the part of the BCB Group, “because today they have to work with various banks to prepare their offer in order to manage the liquidity in fiat currencies internationally and to dispose of them 24/7”. With the help of Sutor Bank, the group of companies can now “implement its activities with its own bank”, said Giesen.

“A 100-year tradition in adapting innovations”

The Sutor Bank is anything but new on the market. The Hamburger Bank celebrates its 100th anniversary in 2021. But the traditional side could also be combined “very well” with the acquisition. “Sutor [hat] always focused on sustainable innovation trends … which is now being consistently continued with BCB ”.

The Hamburger Bank’s willingness to innovate ran like a red thread through the company’s history. “At the beginning of the 1990s, we started to work with financial distributors and launched the first fund savings plans, which were very innovative at the time,” said Giesen.

Soon, however, Sutor Bank focused on developing a banking platform for fintechs. “Today some of the most successful fintechs like Rasin-DS, JustTrade or Fintiba settled, ”said Giesen. In 2016, the bank added the first Fiat bank accounts for various crypto use cases to its product portfolio.

“From these first crypto beginnings, the crypto banking platform developed, which we can now continue to build with and for BCB,” explained the business developer. “If you will, there is a 100-year tradition in the adaptation of innovations”.