WEG Bank, a German-based financial institution, announced in a recent statement that it has obtained a license from Estonian regulators to store and trade cryptocurrencies.
This license obtained by the bank, which has been mentioned with many cryptocurrency projects before, will actually create a bridge between the cryptocurrency sector and the traditional financial sector.
Working out of a premium regulatory environment is one of our key assets. 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.
— WEGBank (@weg_bank) August 26, 2019
The WEG said it would work to obtain a license from Germany, although it first received it from Estonia due to the attitude of regulators in its home country.
Litecoin and WEG Bank Partnership
The Bank announced on its Twitter account that they have obtained a full license in Estonia and that they plan to apply for a securities and storage license within Germany. WEG Bank came to the fore last April with the news of the acquisition of a 30 percent stake by tokenPay, litecoin foundation and NIMIQ, a cryptocurrency company. You can read the details of the related news here.
Charlie Lee said in early March that the WEG Bank project would open huge doors, but there has been no significant development since.