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Estonia Grants Crypto Trading and Custody License to WEG Bank

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Estonia Grants Crypto Trading and Custody License to WEG Bank

German bank WEG Bank is now licensed to trade and hold cryptocurrency for clients in Estonia

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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