Germany’s WEG Bank to explore blockchain in financial services

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TEN31, the Fintech arm of Germany’s WEG Bank, is partnering with ANQUAN Capital, which is a Singapore based technology company. This is to explore blockchain applications within financial services and banking.

Anquan capital has launched many innovative technology companies like Anqlave, Zilliqa, and, Aqilliz. The new business partners will be announcing specific initiatives in the coming months. The partners may also announce updates related to the legal framework for crypto or digital asset storage, which was introduced earlier this year. TEN31 focuses in-particular on the everyday usability of digital currencies intending to provide true added value for all parties involved. TEN31 is the bridge between conventional banking and the blockchain world.

WEG Bank is also licensed to provide crypto trading and custody services from Estonia, having licensing during August 2019 through its sister company, WEG Block link OU. 

“Always one step ahead, with this mission, the German WEG Bank AG initially dedicated itself to the housing industry and secured a role as a leading institute for WEGs and property managers. With the founding of the product, “TEN31”, the institute remains true to its innovative spirit and establishes a second product line: banking services in innovative payment transactions. 

With the founding of the product “TEN31” the institute remains true to its innovative spirit and establishes a second product line: banking services in innovative payment transactions. 

TEN31 chief executive, Matthias von Hauff, said in a statement to the press that with Anquan as a shareholder, the bank will secure a spearhead in the Asian region in the long term. Anquan CEO, Max Kantelia, feels this is a step toward blockchain creeping from the fringes of a technology sector that few understand, into our daily lives. Also, this is the perfect time to collaborate with TEN31 to know and to explore how unlocking the potential of DLT technologies could accelerate digital transformation.

TEN31 has managed to establish its operations by taking advantage of the grandfathering rule of Germany’s banking code. The collaboration will see WEG Bank which is known by the brand name TEN31, providing digital asset custody services for Anquan –with Anqlave offering custody and secure data storage solutions for enterprises. On the other hand, Zilliqa is a high -performance blockchain network for developing enterprise-grade decentralized applications.

Germany’s authorities have been steadily pushing ahead with implementing a regulatory framework for digital assets. Crypto industry participants are looking forward to the upcoming draft bill on virtual currency custody and several other changes this year.

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