WEG Bank Secures Crypto Trading License from Estonian Regulator

Monday, 26/08/2019 | 18:13 GMT by Arnab Shome
  • More than 30 percent of the bank is owned by crypto companies.
WEG Bank Secures Crypto Trading License from Estonian Regulator
Tallinn, Estonia

WEG Bank, a small specialized bank in Germany, on Monday, announced that it has obtained a crypto trading and custody license in Estonia.

The license was granted by the Estonian Financial Intelligence Unit (FIU), which will allow the bank to offer crypto trading services including converting fiat to crypto, crypto to fiat, and crypto to crypto transactions.

The bank also revealed that it is now pushing to secure a securities trading and custody license in Germany.

Partially owned by crypto companies

Based in Ottobrunn, Germany, the bank usually focuses on the real estate business. Last April, Nimiq, a browser-based Blockchain Payments system, acquired a 9.9 percent stake of the bank. The acquisition also paved the way for a seamless transaction between crypto and fiat ecosystem.

The following month, another crypto payments startup, TokenPay partnered with the bank with the acquisition of 9.9 percent of its share certificates.

Litecoin Foundation is another stakeholder of the bank, and in total, more than 30 percent of the bank is owned by cryptocurrency companies.

A progressive country for crypto companies

As one of the most progressive member states in the European Union, Estonia has always been very open towards blockchain technology, welcoming the variety of start-ups and decentralized service providers and offering them a chance to start and grow their business.

Earlier this year, ETHLend-parent Aave received a similar license from Estonian regulator with which the company is offering a crypto trading services and also a wallet platform for digital assets.

WEG Bank, a small specialized bank in Germany, on Monday, announced that it has obtained a crypto trading and custody license in Estonia.

The license was granted by the Estonian Financial Intelligence Unit (FIU), which will allow the bank to offer crypto trading services including converting fiat to crypto, crypto to fiat, and crypto to crypto transactions.

The bank also revealed that it is now pushing to secure a securities trading and custody license in Germany.

Partially owned by crypto companies

Based in Ottobrunn, Germany, the bank usually focuses on the real estate business. Last April, Nimiq, a browser-based Blockchain Payments system, acquired a 9.9 percent stake of the bank. The acquisition also paved the way for a seamless transaction between crypto and fiat ecosystem.

The following month, another crypto payments startup, TokenPay partnered with the bank with the acquisition of 9.9 percent of its share certificates.

Litecoin Foundation is another stakeholder of the bank, and in total, more than 30 percent of the bank is owned by cryptocurrency companies.

A progressive country for crypto companies

As one of the most progressive member states in the European Union, Estonia has always been very open towards blockchain technology, welcoming the variety of start-ups and decentralized service providers and offering them a chance to start and grow their business.

Earlier this year, ETHLend-parent Aave received a similar license from Estonian regulator with which the company is offering a crypto trading services and also a wallet platform for digital assets.

About the Author: Arnab Shome
Arnab Shome
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6404 Articles
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