German WEG Bank AG operates its innovative Fintech division under the brand name “TEN31 Bank”. Now the bank is taking the next logical step and is expanding its product portfolio with a crypto custody solution.
With the new platform, the bank solves one of the major challenges faced by many holders of virtual currencies such as Bitcoin: the safe and reliable storage of these digital values.
In the past, holders of digital currencies have repeatedly suffered significant losses because they simply forgot or misplaced the complex encryption codes of their wallets (the “private key”) and their digital values were thus lost forever. With the solution provided by TEN31 Bank, this risk can now be safely averted.
In contrast to other service providers who also offer crypto custody, TEN31 relies on an important unique selling point: the trust position as a bank fully regulated by BaFin.
TEN31’s decision to rely on the technological solution from Tangany has several reasons. Veronika Ferstl, Director at TEN31, explains: “With Tangany we have not only found a German-speaking IT partner from the region with whom we can exchange ideas quickly and easily, but also a highly motivated and innovative team that works absolutely reliably. Tangany are themselves a regulated financial service provider and meet our high security requirements.”
Martin Kreitmair, CEO of Tangany, adds: “We are very pleased to be able to support such a progressive project in the field of digital banking as a partner with TEN31. Our white label approach fits in very well with the high technical and legal requirements of banks such as TEN31 Bank. We speak the language of banks and financial institutions.”
At the turn of the last year, the German government introduced the requirement for a permit for crypto custody as a financial service. For institutes such as TEN31 Bank (WEG Bank AG) and Tangany there is currently a transition period while final approval is pending.
“Tangany is a white-label custody provider for digital values such as Bitcoin, Ethereum, Tether and security tokens. This service has been offered at the highest technical level since 2018 and always in accordance with the regulation. Tangany specializes in finance, tokenization and crypto markets. The company was recently awarded the renowned FinTech Germany Award 2020.”
+49 (0)89 9982095-73
About WEG Bank AG/TEN 31 Bank
“Always one step ahead.” With this mission, the German WEG Bank AG initially dedicated itself to the housing industry and secured a role as a leading institute for WEGs and property managers. With the founding of the product “TEN31”, the institute remains true to its innovative spirit and established a second product line: banking services in innovative payment transactions. TEN31 focuses in particular on the everyday usability of digital currencies with the aim of providing true added value for all parties involved. TEN31 is the bridge between conventional banking and the blockchain world.
Contact TEN31 Bank
Matthias von Hauff
+49 (0) 89 809 1346 0