Singapore-based Anquan Capital has teamed up with German bank WEG to develop blockchain applications for banking and financial services.
Anquan was founded in 2015 to incubate and take-to-market technology companies based upon original academic research. It has already given a boost to a number of fledglings, including Zilliqa and Anqlave.
WEG’s fintech arm goes under the name of TEN31 Bank and is currently morphing into a specialist institute for blockchain-related fintech companies. It plans to implement joint projects with Anquan backed companies.
Anqlave develops custody and secure data storage solutions for enterprises. Zilliqa is a high-throughput, high-performance blockchain for next-generation enterprises and applications.
The legal framework for crypto storage has been in place since early 2020 and TEN31 has positioned itself to be an early player, securing permission under the grandfathering rule of the German banking code.
Matthias von Hauff, CEO of TEN31, said: “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.”
Max Kantelia, CEO of Anquan, added: “I’ve always said that bringing blockchain into the mainstream requires a concerted, multi-sectoral effort by legacy institutions, emerging tech companies, and regulators. That’s why Ten31’s forward-thinking strategy and its clear role as a regulated bridge between the legacy and blockchain holds enormous appeal for me. Today, we can see blockchain creeping from the fringes of a technology sector that few understand, and into our 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.”
TEN31 believes it is the bridge between the conventional banking and the blockchain world. It is said to be eagerly awaiting further legislative changes to help the rise of blockchain.
