Bankhaus Scheich and Vienna-based Coinpanion (website) are entering into a partnership in crypto trading. The cooperation is intended to help the Austrian fintech drive its European expansion. Frankfurt-based bank Scheich and its trading platform Tradias will provide operational support to Coinpanion in crypto trading in the future, the companies announced.
Coinpanion, founded in 2019, aims to enable customers to enter the world of cryptocurrencies by providing them with various crypto portfolios from multiple categories and risk classes.
For its part, Bankhaus Scheich, which recently sold bitcoin seized in criminal proceedings for the state of Hesse, plans to expand the division of its digital assets massively. Bloomberg reported that it plans to hire 60 new employees this year, including traders and IT specialists.
In Germany, investments in crypto assets are slowly reaching the mass market. Banks have also launched or announced offerings, including Deutsche Wertpapier Service Bank, Volksbank Raiffeisenbank Bayern Mitte, Volksbank Kurpfalz, Commerzbank and Hauck Aufhäuser Lampe.