DGAP-News: WEG Bank AG / Key word(s): Cryptocurrency / Blockchain/Market launch
Nimiq & TEN31 Bank enable buying and selling crypto by bank transfer - instantly and without signup.
Calling journalists to apply for closed-beta.
Breakthrough in interoperability between blockchain and conventional banking.
Buying crypto can be an overwhelming and troublesome process. Trusting in-transparent and insufficiently regulated crypto-exchange, registered in a faraway jurisdiction, is often the only option. Surrendering personal data in the process is not only a privacy issue, it is a substantial usability barrier too.
Now, Nimiq, the ease-of-use cryptocurrency, and TEN31, the fintech arm of German WEG Bank AG, are excited to present a technological breakthrough: Nimiq OASIS (Open Asset Swap Interaction Scheme), a protocol that makes off-chain assets behave as if they were tokens on a blockchain.
When implemented by a bank, crypto-assets - like NIM or BTC - can be swapped for e.g. Euro almost instantly, at very low fees and without the need to provide personal information, not even an email address. How? Simply by sending a bank transfer.
Nimiq developed the technology, which leverages the concept of HTLC empowered Atomic Swaps, in close collaboration with TEN31 Bank (Nimiq is a shareholder in TEN31 Bank, read more here). An informational website about the OASIS technology was released recently. The site targets crypto-businesses and projects interested in integrating OASIS. However, Nimiq and TEN31 are already a step ahead.
Closed-beta: Buy BTC by bank transfer
A working demo of the technology is ready for testing. We invite journalists to apply for the closed beta of what is likely the fastest, easiest and safest way to acquire cryptocurrency to date.
The fee for Nimiq OASIS API calls is as low as 1%, potentially making it the most affordable option too. All revenue created by OASIS will be used to buy NIM, thus increasing the coin's scarcity.
The beta participants will be among the first to use a not yet fully disclosed market making service, dubbed fastspot, that allows them to simply select a cryptocurrency, a quantity they wish to acquire (max. 100 Euro in the beta) and a crypto address, that they will receive the crypto into. They are then presented with an IBAN address and the appropriate amount of Euro to send.
Beta participants require access to a SEPA instant capable European bank account.
Nimiq and TEN31 offer interview opportunities and exclusive insights and material.
Contact email@example.com for more information and to apply for the closed-beta.
"Making crypto usable and safe for everyone is at the heart of what we want to achieve with Nimiq. From the very beginning, we identified the in-and-out of crypto as a crucial barrier for mass adoption. With Nimiq OASIS, we hope to overcome this barrier once and for all. I am personally grateful for the passion and dedication TEN31 has committed to making OASIS happen. It really is about coming together and creating solutions. Crypto and established banking can learn and benefit a lot from each other."
"OASIS is no less than a revolution in the way crypto assets can be traded between two peers. This invention was conceived when I was invited to a brainstorming session with the core development team of Nimiq in late 2018. Now, some 18 months of hard work have produced a tangible result. I am very excited about the multiple applications in which this protocol can be employed."
Nimiq is a unique, decentralized payment system. The NIM token is its medium of exchange and store of value. As a browser-first blockchain, users can directly connect to the blockchain with nothing more than visiting a website. This installation-free, 'it just works' characteristic is combined with a dedication to ease of use and simplicity. NIM is a cryptocurrency for the masses and not just the technologically savvy.
+49 (0) 152 049 209 23
About WEG Bank AG/TEN 31 Bank
"Always one step ahead." With this mission, the German WEG Bank AG initially dedicated itself to the housing industry and secured a role as a leading institute for WEGs and property managers.
With the founding of the product "TEN31", the institute remains true to its innovative spirit and established a second product line: banking services in innovative payment transactions. TEN31 focuses in particular on the everyday usability of digital currencies with the aim of providing true added value for all parties involved. TEN31 is the bridge between conventional banking and the blockchain world.
Contact TEN31 Bank
Matthias von Hauff
Disclaimer: This press release is made solely with the intent of informing members of the press and interested participants on the functionality and progress achieved by Nimiq. It is not intended to be construed as investment advise nor as a claim of perceived value for the NIM token.