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TEN31 Bank announces partnership and stake in Swiss DexTech AG

·4-min read

DGAP-News: WEG Bank AG / Key word(s): Cryptocurrency / Blockchain/Investment
26.02.2021 / 10:31
The issuer is solely responsible for the content of this announcement.

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

"Always one step ahead." With this mission, the German WEG Bank AG initially devoted itself to the housing industry and secured a role as a leading institute for residential property owners and property managers.
With the development of the brand name "TEN31 Bank" the institute remains true to its innovative spirit and establishes a second product line: banking services in innovative payment transactions.
TEN31 Bank focuses in particular on the everyday usability of digital currencies with the aim of offering everyone involved real added value. TEN31 Bank is the bridge between conventional banking and the decentralized blockchain world.

Contact WEG Bank / TEN31 Bank

Matthias von Hauff
info@weg-bank.de
info@ten31.com
+49 (0) 89 809 1346 0

DexTech AG

DexTech is the developer of eFIN. The aim of eFIN is to merge the old and the new world of finance. The vision of using digital currencies as a means of payment in daily life is closer than ever thanks to the highly qualified team.
eFIN has secure, decentralized DEFI software solutions that form a bridge between the old and the new financial world. The combination of IT and banking experts who combine their knowledge and skills has created the basis to develop products and services for the masses.

Contact DexTech AG

Mr. Marco Grüter
info@dextech.ch

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.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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