The German bank WEG Bank has obtained a trading license

The German bank WEG Bank has obtained a trading license

German bank WEG Bank has obtained a license for trading and custody of cryptocurrencies in Estonia. The ad was confirmed on twitter company, which also announced that it has submitted the necessary documentation to obtain a license to trade securities in Germany.

“We announce that from today we have secured full access to a crypto trading and custody license in Estonia and we have also applied for a securities / securities trading and securities license in Germany.”

WEG Bank noted that the institution believes that “working in a premium regulatory environment is one of its main strengths.”

German bank WEG Bank has shown a keen interest in entering the crypto and blockchain markets. In April this year, blockchain payment processing company Nimiq purchased a 9.95 stake in WEG Bank shares. The acquisition was made on the basis of a partnership that aims to facilitate fiat-crypto transactions.

Currently, 30% of the bank’s shares are owned by crypto companies. Last year, Litecoin Foundation and crypto payment processing start-up TokenPay acquired similar holdings.

“In the last 12 months, we have analyzed various ways to expand our core banking activities in the blockchain community”,

said Matthias von Hauff, CEO of WEG Bank AG.

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Consumer interest in cryptocurrencies and regulated blockchain services is growing. Recently, Swiss private bank Maerki Baumann has registered requests from over 400 new customers who want to access its future blockchain offerings.

Given that traditional banks have been reluctant to deal with crypto companies, small banking companies are taking the opportunity to meet growing demand from a rapidly expanding industry.


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