Aug 26, 2019

Estonia Grants Crypto Trading and Custody License to WEG Bank

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German bank WEG Bank obtained a cryptocurrency trading and custody in Estonia. WEG Bank confirmed in a tweet published on Aug. 25 that it obtained a crypto trading and custody license in Estonia. 

Estonia greenlights German bank to trade and hold crypto

Furthermore, the firm also announced that it is now trying to take hold of a securities trading and custody license in Germany. The 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 noted that the institution believes that “working out of a premium regulatory environment is one of” its key assets.

A bank with multiple crypto partnerships

As Cointelegraph reported in April, browser-based blockchain payments system Nimiq has acquired a 9.9% stake in Germany’s WEG Bank AG. The stake acquisition followed a partnership meant to allow for a crypto-to-fiat bridge that would allow for the seamless exchange of value between crypto and traditional banking systems.

In May of last year, also crypto payments startup TokenPay announced a partnership alongside acquiring 9.9% of share certificates. 

Consumer interest in regulated cryptocurrency and blockchain services is soaring. Recently, Swiss private bank Maerki Baumann has had a deluge of 400 new clients wanting to tap its future blockchain offerings since it revealed its interest in the sector.

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