Swedish Bank Inks Deal to Offer Crypto Fund Trading

Stockholm IT Ventures AB (SITV), a blockchain startup based in Sweden, has signed a software license agreement with a local bank to deliver a crypto fund trading service.

SITV announced Wednesday that its automation subsidiary, Blocktrade Technology, had signed the agreement with Valens Bank, according to a news release. The agreement, which is also the second between the two companies, stipulates that Valens Bank use "the BTT Crypto Trading Toolbox exclusively for Crypto Fund Trading."

The BTT Crypto Trading Toolbox allows professional traders to "actively manager their clients digital assets" through its AI trading tools, according to Blocktrade Technology's website.

Torben Pedersen, the director at Valens Bank, said "we are confident that this software will offer great value to clients and give pro-traders the market edge all are looking for," according to the release.

Fredrik Waijnstad, managing director at Blocktrade Technology, said in the release that the agreement is in line with his company's goal to reach out to "institutional investors and banks."

The two companies are currently working to integrate "the back-end mechanics" of the service, and plan to launch trading for Valen Bank's clients by September.

Neither the bank nor the startup announced which cryptocurrencies would go into the fund.

Stockholm image via Shutterstock