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German Bank Forms a Blockchain Alliance with the Singaporean Fintech Consortium

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German Bank Forms a Blockchain Alliance with the Singaporean Fintech Consortium

The fintech arm of Germany’s WEG Bank, Ten31 has dovetailed with Singaporean technology incubator named Anquan Capital. Reports consisting of the details about the projects they will be working on together have not been released yet. According to reports, Anquan Capital has launched a number of distributed ledger technology (DLT) firms which is inclusive of Zilliqa and Anqlave.

The Vision and Mission of the Partnership

Both the companies express their hopes on fruitful results of this collaboration. To quote Ten31 Chief Executive Matthias von Hauff, “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.”

The partners are deciding in favor of working out crypto trades. Reports say that Ten31 will provide digital asset services to Anquan affiliates along with Anqlave which is known to provide custody solutions to enterprise clients. According to the press release, the crypto storage for the exchange was already planned earlier during the commencement of the year 2020.

The press release further states, “Ten31 has positioned itself accordingly at an early stage and secured permission under the grandfathering rule of the German banking code.” WEG bank too owns the license crypto trading and custody services.

The Focus Mainly is on Blockchain

Given the fact that blockchain is growing rapidly and can be seen penetrating almost every sector, the CEO of Anquan Max Kantelia has stated that he feels this is the best time to establish a collaboration with Ten31. This collaboration, Kantelia says, will aid the exploration to the unlocking of the DLT technologies that could, in turn, act as a catalyst to digital transformation and induce a revolution in finance for everyone.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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