WEG, a bank headquartered in Germany, has received a license from Estonia to offer cryptocurrency trading and custody service. The bank revealed the information through a tweet.
Additionally, the institution stated that it intends to acquire a securities trading and custody license in Germany.
Regarding the receipt of license from the Estonian government, WEG bank stated:
“We announce that as of today we have secured full access to a crypto trading and custody license in Estonia and are equally applying for a securities trading and custody license in Germany.”
WEG Bank also opined that “working out of a premium regulatory environment” adds to its credibility. In April, Nimiq, a browser-powered payment system incorporating blockchain technology, has bought a 9.9% stake in Germany’s WEG Bank AG.
Working out of a premium regulatory environment is one of our key assets. We announce that as of today we have secured full access to a crypto trading and custody license in Estonia and are equally applying for a securities trading and custody license in Germany.
— WEGBank (@weg_bank) August 26, 2019
The stake purchase followed collaboration for the creation of a crypto-to-fiat bridge permitting simple exchange of value between crypto and conventional banking systems.
In May 2018, cryptocurrency payment firm TokenPay entered into a collaboration in addition to the purchase of 9.9% stake. Consumer interest in regulated cryptocurrencies and blockchain based services is growing exponentially. Of late, Maerki Baumann, a private bank in Switzerland, disclosed that it had received queries from 400 clients interested in its upcoming blockchain products.
