Digital currency exchange Kraken has forged a partnership with Munich-based Fidor Bank to offer its European customers regulated bitcoin trading services.
Jesse Powell, CEO of Payward Ltd, which is the developer of Kraken, said the exchange has found its "ideal partner" in Fidor Bank.
He described the bank as a "responsible, forward-thinking financial institution" and praised its desire to combine the "predictability and stability of traditional banking relationships with the social and economic benefits of new digital currencies". Powell added:
"From the beginning, our goal has been to establish bitcoin and other digital currencies as legitimate complements to the euro, the pound and other traditional, government-issued currencies."
Kraken is now looking to offer its services outside the EU by cooperating with financial industry partners and regulatory authorities across the world.
This isn't the first bitcoin company Fidor has partnered with – back in July the bank teamed up with German bitcoin marketplace bitcoin.de, which is operated by Bitcoin Deutschland GmbH.
Upon the announcement of this partnership, Oliver Flaskämper, managing director of Bitcoin Deutchland GmbH, said: “With Fidor Bank AG as our partner, the digital bitcoin currency, which was initially smiled at as internet play money, is increasingly turning into a serious alternative currency after only four years."
Fidor Bank says its long-term goal is to bring important market innovations to its customers. Matthias Kröner, CEO of Fidor, said the bank has noticed digital currencies start to emerge as "serious and useful alternatives to government-issued currencies".
"With Kraken, we can enable our customers to trade bitcoin and other digital currencies just as securely, easily and flexibly as they trade other foreign currencies today," he added.