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FinTech arm of WEG Bank Partners with Singapore Based Anquan Capital to Explore Blockchain Applications for Banking and Financial Services




Anquan Capital Pte. Ltd, a Singapore-based group of technology companies has partnered with the FinTech arm of the German WEG Bank AG, which operates under the brand name TEN31.

Anquan Capital has launched a number of innovative technology companies including Zilliqa, Anqlave and Aqilliz. TEN31 Bank, which is currently developing into a specialist institute for blockchain-related FinTech companies, will implement joint projects with these companies in the future.

The new partners will announce specific projects over time. However, it is expected, for example, that the legal framework for crypto storage that has been in place since early 2020 will play a role. TEN31 has positioned itself accordingly at an early stage and secured permission under the grandfathering rule of the German banking code.

This collaboration will explore opportunities between Anquan Capital through Anqlave and Zilliqa. Anqlave develops custody and secure data storage solutions for enterprises, while Zilliqa is a high-throughput, high-performance blockchain for next-generation enterprises and applications.

With the new partnership, the strategy of TEN31 Bank continues to consistently focus on strategic partnerships. With this important step, the vision of the founder, Matthias von Hauff, to shape the bank into a full-service provider for FinTech customers has become a reality.

Matthias von Hauff, CEO of TEN31 Bank said “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.”

Max Kantelia, CEO of Anquan said “I’ve always said that bringing blockchain into the mainstream requires a concerted, multi-sectoral effort by legacy institutions, emerging tech companies, and regulators. That’s why Ten31’s forward-thinking strategy and its clear role as a regulated bridge between the legacy and blockchain holds enormous appeal for me. 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 revolutionize finance for everybody.”

A further positive signal for the industry is the German Federal Government’s progress in pushing ahead with regulation. Industry experts are eagerly awaiting the next draft bill on crypto custody and further legislative changes in 2020. The recently published decision of the German Bundestag underlines the increasing importance of the necessary regulatory framework.

This News has been Published in Partnership with PR Newswire


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US based bitcoin Startup Abra gets funding from Ratan Tata, American Express



Ratan Tata and credit card player American Express have made an undisclosed investment in a US based Startup Abra which deals in digital Currency. Digital currency is an online medium of exchange that allows for instantaneous transactions and borderless transfer-of-ownership. Digital currency or virtual currency uses cryptography, making it difficult to counterfeit.

bitcoinsIn September, Abra closed $12 million in Series A funding. Investors in the round included Arbor Ventures, RRE Ventures, and First Round Capital. The company is also planning to launch an app Abra Pay which will store digital cash and will enable sending or receiving money through any smart phone. The revenue model for this company is based on charging a .25 percent fee to users whenever they transact with an Abra Teller,  who are people or businesses earning money by transacting digital cash to and from any consumer via the app.

The users of Abra will not have to worry about the back-end functionalities of bitcoin and the Blockchain. Bitcoin is a payment system through which users can transact directly without needing an intermediary. Transactions are verified by network nodes and recorded in a ledger called the Blockchain. Blockchain uses its own unit of account, also known as bitcoin. Bitcoin is often called the first cryptocurrency .

The users of Abra aren’t supposed to know about bitcoin and Blockchain. Two users could send each other in dollars.Though actually bitcoin is being transferred, both will just see the transaction denominated in dollars. Abra’s app will initially be available in the US and Philippines with more countries to follow in the coming months.

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