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WEG Bank Gains Crypto Currency Trading and Storage License!

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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.

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.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.