There’s an indication that WEG Bank is preparing to launch what could be called “world’s ever crypto-focused bank” as soon as everything is perfected. Information gathered by NewsLogical reflects that the Germany-based bank is pushing for a crypto-centric bank dubbed TEN31 Bank that is going to be a subsidiary of WEG but would be fully focused on cryptocurrency.
Matthias von Hauff, the CEO of the WEG Bank, where the likes of Litecoin, TokenPay and Nimiq are investors, relayed the information. Earlier, WEG has promised to be the banks offering corporate accounts to cryptocurrency projects across the globe.
The CEO said WEG re-launched its fintech activities as TEN31 Bank. As obtained on the bank’s website, the full launch will happen by the end of October.
In the wake of the announcement, CEO Matthias is willing to give anybody who can guess the reason why the name TEN31 was given to the bank will receive 500,000 NIM and 2K TokenPay. The giveaway made many twitter users guess that the idea was a collaborative effort of TokenPay and Nimiq in conjunction with WEG Bank.
Litecoin, TokenPay, Nimiq, and Lisk are Involved
In April 2019, Nimiq announced it acquired a 9.9% stake in WEG Bank AG. Before the partnership, both Litecoin and TokenPay already had stake the Germany-based bank.
WEG is creating opportunities for cryptocurrency projects. In March, Lisk opened a corporate account with WEG Bank, becoming the first blockchain project to be integrated by the bank.
At that time, Lisk said the corporate account will set the guidelines for the achievement of new financial services for Lisk Foundation. As well, through the corporate account, people will have a new method of buying Lisk token across the globe.
Revisiting Litecoin’s 9.9% Stake in WEG Bank
In 2018, Litecoin Founder Charlie Lee and TokenPay CEO Derek Capo engaged in a twitter outrage. Charlie Lee condemned the partnership between Verge and PornHub, claiming it was money-induced. The accusation by Charlie Lee was also condemned by Capo because TokenPay supported Verge during its crowdsourcing program fashioned to enhance the partnership.
After a period of disagreement, the two crypto icons later came together on Twitter to discuss what eventually materialize a successful collaboration. The partnership made TokenPay transfer its 9.9% stake in WEG Bank to Litecoin Foundation in return for an expertise expected to increase the capacity of TokenPay.