There is an article about how Tradition, the digital assets division of Bankhaus Scheich, got its own equities dealing bank license from BaFin, Germany’s Federal Financial Supervisory Authority. This is a big step forward for Tradias, which has been using its parent company’s BaFin license up until now. Along with this accomplishment, Tradias just finished a Series A funding round.
With the new permission, Tradias can grow its business on its own, and the company is hints at big plans for growth. CEO Michael Reinhard said that this will help Tradias grow faster and strengthen its position as a major controlled player in the digital assets market. Reinhard also said that the new license and higher stock will help Tradias grow in Europe, improve its products, and keep coming up with new ideas in the rapidly changing world of digital banking.
In 2020, Bankhaus Scheich set up Tradias as an over-the-counter (OTC) trade tool for cryptocurrencies and security tokens. The site also offers market-making services, such as crypto loans and ways to get cash quickly. Tradias wants to grow its team by adding more people to it. By the end of this year, it hopes to have 100 workers, up from 90 now.
The company said that the Series A funding round went well and that it had a strong balance sheet, but it didn’t give any specifics. News stories say that most of the money came from family offices and individual investors in German-speaking countries. Tradias thinks that the new money will help it trade more and pay for its growth into European markets.
Bankhaus Scheich, which is the parent company of Tradias, is a major player in Germany’s institutional trading sector. For example, it is one of the main providers of liquidity for the controlled Boerse Stuttgart exchange. Furthermore, Bankhaus Scheich has been actively trying blockchain technology with the European Central Bank and other German banks. Tradias wants to build on its past wins and become even more of a big player in the digital assets space in the years to come. The company is now ready to reach its big growth and innovation goals across Europe, thanks to the BaFin license and new funds.
