Ten31, the FinTech arm of Germany’s WEG Bank, has partnered with Singapore technology incubator Anquan Capital.
While the entities have not specified the specific project they will work with. The press release announced that the partnership will involve exploring blockchain applications in the context of banking and financial services.
Anquan Capital has launched a number of distributed ledger technology, or DLT, companies, including Zilliqa and Anqlave.
Ten31’s chief executive, Matthias von Hauff, stated:
“With Anquan as a shareholder, we have added another ideal partner to our network. We don’t just benefit from their amazing technology. But we are also securing the cutting edge in the Asian region in the long term. ”
Ten31 and Anquan target the service sector
This collaboration seems poised to see Ten31 WEG provide digital asset storage services to Anquan affiliates – with Anqlave offering storage solutions for enterprise clients.
The press release states that “it is hoped, for example, that the legal framework for crypto storage that has been in place since early 2022 will play a role, adding:
“TEN31 has positioned itself accordingly at an early stage and is licensed under the rules of the German banking code.”
WEG Bank is also licensed to provide crypto trading and custody services from Estonia. After obtaining a license during August 2022 through a similar company, WEG Blocklink OÜ.
Blockchain penetrates everyday life
Anquan CEO, Max Kantelia, stated: “Today, we can see blockchain creeping from the periphery of the little-understood technology sector, and into our everyday lives.”
“This is the perfect time to collaborate with TEN31 to explore how to unlock the potential of DLT technology to accelerate digital transformation and revolutionize finance for everyone.”