WEG Bank unit partners with Anquan Capital to go full fintech

Blockchain in finance
Photo by David McBee

Anquan Capital has partnered with the fintech arm of the Germany-based WEG Bank which operates under the brand name TEN31.

Anquan Capital has launched a number of innovative technology companies  — including Zilliqa, Anqlave and Aqiliz. TEN31 Bank, which is currently developing into a specialist institute for blockchain-related fintech companies, will implement joint projects with these companies in the future.

This collaboration will explore opportunities between Anquan Capital through Anqlave and Zilliqa. Anqlave develops custody and secure data storage solutions for enterprises, while Zilliqa is a high-throughput, high-performance blockchain for next-generation enterprises and applications.

Like all TEN31 partners, Anquan attaches great importance to transparency and compliance. The partnership between the two groups now makes it possible in particular to develop services in the financial sector that require a solid regulatory framework.

“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,” said Matthias von Hauff, CEO of TEN31 Bank.

Max Kantelia, CEO of Anquan, said they can see blockchain creeping from the fringes of a technology sector that few understand, and into peoples’ daily lives. 

“It is a perfect time to collaborate with TEN31 to explore how unlocking the potential of DLT technologies could accelerate digital transformation and revolutionise finance for everybody,” said Kantelia.

A further positive signal for the industry is the German federal government’s progress in pushing ahead with regulation. Industry experts are eagerly awaiting the next draft bill on crypto custody and further legislative changes in 2020.