German bank WEG to explore blockchain in financial services industry

Partners with Singaporean tech incubator Anquan Capital

Ten31, the FinTech arm of Germany’s WEG Bank, is partnering with Singaporean technology incubator, Anquan Capital reportedly to explore blockchain applications within the context of banking and financial services.

Anquan Capital has launched a number of distributed ledger technology, or DLT, firms, including Zilliqa and Anqlave.

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.

The collaboration will see WEG’s Ten31 provide digital asset custody services for Anquan affiliates — with Anqlave offering custody solutions to enterprise clients. Anquan CEO, Max Kantelia, feels this is a step toward “blockchain creeping from the fringes of a technology sector that few understand, and into daily lives”.

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

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