WEG Bank AG will start trading with cryptocurrencies
The German bank announced it will include digital assets within its retail businesses from 2020
The German institution WEG Bank AG stressed that it will begin processing payments in cryptocurrencies since 2020.
The bank, whose partial ownership is Blockchain Nimiq, TokenPay and Litecoin Foundation, is expanding its retail business possibilities that are committed to the use of cryptocurrencies.
On this launch, the WEG CEO Matthias von Hauff explained that to enjoy this service “it is not necessary to be a customer of the bank”.
He also indicated that “all we do is provide the regulatory framework in the fund, to make sure that when the retailer receives cryptography, he really receives fiat in his bank account, if he wishes.”
This implies that, even if you are not a user of the German bank, you can enjoy the benefits of carrying out cryptographic operations. The news was well received within the encryption community, as it is a way to promote digital currencies among people who have not yet dabbled in the ecosystem.
In addition, von Hauff said that this new banking “actor” will allow retailers to send crypto payments to their own wallets. It will also be possible for them to withdraw cash directly into a bank account. The program will be administered by the new fintech brand of WEG Bank AG, TEN31.