WEG Bank Receives Crypto Trading & Custody License From Estonia
WEG, a bank headquartered in Germany, has received a license from Estonia to offer cryptocurrency trading and custody service. The bank revealed the information through a tweet.
Additionally, the institution stated that it intends to acquire a securities trading and custody license in Germany.
Regarding the receipt of license from the Estonian government, WEG bank stated:
“We announce that as of today we have secured full access to a crypto trading and custody license in Estonia and are equally applying for a securities trading and custody license in Germany.”
WEG Bank also opined that “working out of a premium regulatory environment” adds to its credibility. In April, Nimiq, a browser-powered payment system incorporating blockchain technology, has bought a 9.9% stake in Germany’s WEG Bank AG.
Working out of a premium regulatory environment is one of our key assets. We announce that as of today we have secured full access to a crypto trading and custody license in Estonia and are equally applying for a securities trading and custody license in Germany.
— WEGBank (@weg_bank) August 26, 2019
The stake purchase followed collaboration for the creation of a crypto-to-fiat bridge permitting simple exchange of value between crypto and conventional banking systems.
In May 2018, cryptocurrency payment firm TokenPay entered into a collaboration in addition to the purchase of 9.9% stake. Consumer interest in regulated cryptocurrencies and blockchain based services is growing exponentially. Of late, Maerki Baumann, a private bank in Switzerland, disclosed that it had received queries from 400 clients interested in its upcoming blockchain products.
AuthorKelly Cromley
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.
