TEN31 Bank announces partnership and stake in Swiss DexTech AG
DGAP-News: WEG Bank AG / Key word(s): Cryptocurrency / Blockchain/Investment
The German TEN31 Bank has joined the newly founded Swiss software company DexTech AG. According to the board of directors, the bank took over 13% of the shares in DexTech AG.
TEN31 Bank is the brand name of WEG Bank AG under which the bank sums up its FinTech activities. DexTech AG develops software solutions for trading cryptocurrencies at trading venues, in particular for the decentralized exchange eFIN.
TEN31 and DexTech AG strive for an intensive partnership. Through the participation, the bank ensures direct access to decisions in the next development phases of eFIN. In return, DexTech AG benefits from the bank's regulated environment. The DexTech AG team will shortly present a detailed description of the planned roadmap. More information on the eFIN milestones can then be found at www.efin.com.
Matthias von Hauff, CEO of TEN31 Bank: "We are very happy about this step. In particular, the decentralization of eFIN is aimed at a group of users who strive for the highest level of security. In contrast to centralized baddies, every user retains full control over his crypto assets. This is very much in line with our own security needs as a bank. "
TEN31 Bank and DexTech AG rely on the advantage of the interaction between the classic role of a bank and the modernity and flexibility of blockchain-based financial products. Both houses share a common mission: to promote the usability and mass adoption of digital currencies in everyday life.
Marco Grüter, Chairman of the Board of Directors of DexTech AG, is also optimistic about the opportunities in the cooperation: "With the joint know-how of our developers and the expertise of TEN31 Bank in the traditional financial sector, we can invest in the technology of tomorrow in a very targeted manner. With a bank as a partner, we are able, for example, to set up a direct Euro connection to eFIN. So far, this has not been possible with decentralized exchanges. "
With the integration of euro payments, eFIN benefits from the partnership between TEN31 Bank and the software foundation NIMIQ. Its development, the "OASIS" protocol, is a fiat crypto bridge and is currently in the final beta test phase. With the help of OASIS, transactions between traditional currencies and crypto currencies can be processed easily, quickly and securely. Via the market maker Fastspot (also a development by NIMIQ), BTC and NIM can be bought directly into the eFIN wallet for EUR.
Matthias von Hauff: "The integration of OASIS into the eFIN project is perfectly in line with the strategy we are pursuing. We bring partners from different disciplines together and ensure that one and one can become three. We succeeded again between NIMIQ and eFIN."
In connection with the stake in DexTech AG and the eFIN product, other partners of the bank will also play a role. The bank will announce details on this over time. For example, an integration of the Zilliqa blockchain is envisaged.
WEG Bank AG
Contact WEG Bank / TEN31 Bank
Contact DexTech AG
Disclaimer: This press release was created with the sole intention of informing press representatives and interested readers about functions and progress. It is not to be understood as investment advice.
26.02.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.