Ten31 – the fintech-focused subsidiary of WEG Bank from Germany – has reportedly teamed up with a Singapore-based tech incubating firm – Anquan Capital.
Specifically, despite detailed information is yet to be disclosed by both parties, the collaboration will reportedly concentrate on researching blockchain-based tools applicable for the banking and financial sectors.
Anquan Capital has reportedly previously released a wide array of distributed ledger technology (DLT) companies, nominally Zilliqa and Anqlave.
“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.” Ten31 chief executive – Matthias von Hauff – reportedly remarked.
The partnership reportedly also looks to see WEG’s Ten31 offering custodial features of crypto assets for Anquan affiliates – with Anqlave releasing tools for custody to enterprise customers.
“TEN31 has positioned itself accordingly at an early stage and secured permission under the grandfathering rule of the German banking code.”
WEG Bank has reportedly also obtained necessary license from the Estonian authorities, back in August last year via its sister firm WEG Blocklink OÜ, to offer crypto trading and custody services.