In a press release, Stockholm IT Ventures AB (SITV) has announced a software license deal with Valens Bank. Through its subsidiary, Blocktrade Technology Ltd. (BTT), SITV will let Valens bank use the BTT Crypto Trading Toolbox exclusively. The toolbox offers returns for crypto fund trading.
According to Torben Pedersen, director at Valens Bank, the firm will pay a 1.5% yearly license fee to BTT. The two companies intend to launch the toolbox later in September which can then be used by Valens bank’s clients.
The director is upbeat that the software will “offer great value to clients and give pro-traders the market edge all are looking for.” Commenting on the utility of the software, he said, “We have made a thorough due diligence of the BTT software in live trading situations and are amazed by its performance.”
Contemplating to embrace blockchain technology and cryptocurrencies
For SITV, the principle objective of the partnership is to enable the firm to expand into digital services. This comes at a time when the Scandinavian region is seriously contemplating embracing blockchain technology. The company may be positioning itself to take advantages of the potential move by the region.
Valens bank is deep into the cryptocurrency market. The bank provides an array of crypto services some including a cryptocurrency wallet. Stockholm IT Ventures seeks to leverage this experience and make headway into the digital financial services.
Early August, Stockholm IT Ventures announced that it had officially commenced with crypto mining and production. To this end, the company set up a new subsidiary, Cryptoplants, which will deliver the coins. It further revealed that the fully operational facility utilizes a technology “that incorporates real-time information on market fluctuations to automatically switch the coins being mined to ensure the highest profitability of the tokens.”
According to Phillip Nunn, Managing Director of the Crypto Division for Stockholm IT Ventures, the move represented “just the beginning of big things to come from our team.”