Last week, TEN31 Bank, the crypto brand of Germany’s WEG Bank, announced a partnership with Singapore-based Anquan Capital, the company behind blockchain protocol Zilliqa, advertising platform Aqilliz, and Anqlave. The partnership would enable TEN31 to explore new blockchain solutions for banking and financial services and includes an investment from Anquan.
WEG Bank is a small bank in Germany servicing the housing and real estate sector. It had €85 million in total assets as of 2018. Over 30% of the bank is owned by cryptocurrency companies such as Nimiq, TokenPay, and Litecoin Foundation. TEN31 was established to further its cryptocurrency interests and operates as a fully regulated bank in Germany.
TEN31, through its partnerships, supports digital coins, fiat to crypto payments, crypto payments at point of sale, and crypto exchange, among other services. It is essentially promoting the use of digital currencies leveraging conventional banking systems.
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