Valens Bank, a German bank, and the Swedish IT company, Stockholm IT Ventures (SITV), announced that a subsidiary of the latter, Blocktrade Technology Ltd (BTT), signed an agreement with Valens Bank for the use of BTT’s software, Crypto Trading Toolbox, for a cryptocurrency trading platform based on Artificial Intelligence.
According to the agreement, BTT will receive an annual license payment equivalent to 1.5% of the capital invested in Valens Bank’s trading program, says a press release. “The partners will work intensively in the coming weeks to integrate their IT infrastructures, which will allow the official launch of this platform in September 2018,” said the firm.
Valens Bank, which is defined as a “multi-currency financial services startup,” says that this is its second agreement with SITV in the area of cryptocurrency services. “We are very pleased to work with Stockholm IT Ventures and Blocktrade Technology’s innovative approach to crypto asset management,” said Valens Bank Director, Torben Pedersen.
The German bank will develop a cryptocurrency trading platform based on Artificial Intelligence
The bank already offered cryptocurrency custody services to its private and corporate clients. “We allow customers to store the following cryptocurrencies: BTC – Bitcoin, BCH – Bitcoin Cash, ETH – Ethereum and LTC – Litecoin,” says the bank.
On the other hand, the BTT’s Crypto Trading Toolbox software allows professional traders to “actively manage their clients’ assets” through Artificial Intelligence-based trading tools, according to the Blocktrade Technology website.
This company points out that its team of analysts, developers and traders have tested software’s bots, as well as the market signals and indicators to fine-tune this predictive tool. “Our goal has been to understand which assets are profitable and to detect scams or discard useless tools,” the company says.
Besides providing software for crypto trading and management of investment funds based on these types of assets, SITV has also invested in cryptocurrency mining. Last January it bought for 200 million EUR 50% of Cryptotech, a Norwegian company dedicated to the design of chips for crypto mining, which also has plans to install mining equipment in the Scandinavian country.