German bank WEG Partners with Anquan to Study DLT Apps in Banking & Financial Sector

FinTech division of Germany based WEG Bank, Ten 31, has collaborated with Anquan Capital, a Singapore firm aiding technology development.

The parties are yet to divulge the specific ventures in which they will be involved.

However, a media release indicates that both parties will join together to study blockchain applications within the subject of banking and financial facilities.

Anquan Capital has established several distributed ledger technology (DLT) companies such as Anqlave and Zilliqa.

Ten31 chief executive, Matthias von Hauff, explained the benefits of the partnership:

“With Anquan as a shareholder, we have added yet another ideal partner to our network. Not only do we benefit from their excellent technologies, but we also secure a spearhead in the Asian region in the long term.”

The partnership intends to offer digital asset custodial services for Anquan associates through Ten31, with Anqlave providing custodial solutions to enterprise customers.

The media release further states that “it is expected, for example, that the legal framework for crypto storage that has been in place since early 2020 will play a role.”

It is further stated that

“TEN31 has positioned itself accordingly at an early stage and secured permission under the grandfathering rule of the German banking code.”

WEG Bank also holds license to offer cryptocurrency trading platform and custodial services from Estonian regulator. The license was received by its associate firm, WEG Blocklink OÜ, in August 2019.

Anquan CEO, Max Kantelia, said “Today, we can see blockchain creeping from the fringes of a technology sector that few understand, and into our daily lives.”

“It is a perfect time to collaborate with TEN31 to explore how unlocking the potential of DLT technologies could accelerate digital transformation and revolutionise finance for everybody.”