FinTech arm of Germany’s WEG Bank, Ten31 has partnered with Singaporean technology incubator, Anquan Capital.
On May 15, a press release announced that the partnership will involve exploring blockchain applications within the context of banking and financial services.
TEN31 Newstime We are very excited to announce today that Anqual Capital has become a partner and shareholder in TEN31 Bank. Anquan are the drivers behind @zilliqa, Anqlave and Aqilliz. TEN31 – Connecting yet another dot… 🚀 pic.twitter.com/KafrGUqdkV — TEN31 (@TEN31Bank) May 15, 2020
Anquan Capital has launched a number of DLT firms, including Zilliqa and Anqlave.
Chief executive of Ten31 Matthias von Hauff stated:
“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 collaboration appears to see WEG’s Ten31 provide digital asset custody services for Anquan affiliates, with Anqlave offering custody solutions to enterprise clients.
The press release 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, adding:
“TEN31 has positioned itself accordingly at an early stage and secured permission under the grandfathering rule of the German banking code.”
WEG Bank is licensed to provide crypto trading and custody services from Estonia. It secured licensing during August 2019 through its sister company, WEG Blocklink OÜ.
Anquan CEO, Max Kantelia, stated:
“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.”
Source: Cointelegraph | Image: Unsplash