The German FinTech bank Ten31 secures shares in DexTech AG. With this, the bank hopes to have a say in decisions relating to the decentralized project “eFIN”.
The German crypto bank TEN31 joins the Swiss software company DexTech
This emerges from a press release that BTC-ECHO has received. TEN31 is a FinTech bank from WEG Bank AG. According to the board of directors, the bank secured 13 percent of the DexTech shares. In addition, both companies are entering into a cooperation. TEN31 hopes that this will give it a say in order to be able to influence decisions on the decentralized stock exchange project “ eFIN ”. At the same time, DexTech would like to benefit from the bank’s regulated environment. The Management Board of TEN31 Bank, Matthias von Hauff, was delighted with the new partnership. He said:
We are very happy about this step. In particular, the decentralization of eFIN is aimed at a group of users who strive for the highest level of security. In contrast to centralized exchanges, each user retains full power of disposal over his crypto assets. This is very much in line with our own security needs as a bank.
Marco Grüter, Chairman of the Board of Directors of DexTech AG, was also optimistic:
With the joint know-how of our developers and the competence of TEN31 Bank in the traditional financial sector, we can invest in the technology of tomorrow in a very targeted manner. With a bank as a partner, we are able to set up a direct euro connection to eFIN, for example. So far, this has not been possible with decentralized exchanges.
eFIN also benefits from TEN31 cooperation with Nimiq
The decentralized crypto project also benefits from the partnership concluded between TEN31 and Nimiq in December 2020 . This is an open source project that aims to make sending tokens and currencies as easy as possible. Nimiq wants to make this a reality with the Open Asset Swap Interaction Scheme (OASIS). The project aims to make off-chain assets such as the US dollar, euro, share certificates, web domains and much more on a blockchain tokenizable. Simply put, Nimiq and the German TEN31 Bank make it possible to make assets from the traditional financial world programmable, which would also make it possible to use these assets in the DeFi space.