Working on blockchain: WEG Bank subsidiary Partners up with Singapore-based technology incubator

• The financial tech subsidiary of the German WEG bank, Ten31 has just teamed up with the Singapore-based technology incubator, Anquan Capital. 
• Details have not been specific in terms of the project they will work on but they announce that the partnership will involve exploring blockchain within banking and financial services.

The financial tech subsidiary of the German WEG bank, Ten31 has just teamed up with the Singapore-based technology incubator, Anquan Capital. Details of the collaboration between the two companies have not yet been specific in terms of the project they will work on together but according to the press release, they announce that the partnership will involve exploring blockchain applications within the area of banking and financial services.

The Singapore-based company has launched a number of distributed ledger technology companies including Anqlave. The chief executive of Ten31, Matthias von Hauffhas said the following:

“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.”

The two companies will benefit from the German bank's digital custody services for affiliates of Anqlave.

On top of this, the press release said that the legal framework for cryptocurrency storage will play a big role in the future. It adds:

“TEN31 has positioned itself accordingly at an early stage and secured permission under the grandfathering rule of the German banking code.”

It will be interesting to see how this partnership plays out. For more news on this and other crypto updates, keep it with CryptoDaily!