The German FinTech bank Ten31 secures shares in DexTech AG. The bank hopes this will give it a say in decisions relating to the decentralized "eFIN" project.
German crypto bank TEN31 is investing in Swiss software company DexTech. This is according to a press release obtained by BTC-ECHO. TEN31 is a FinTech bank owned by WEG Bank AG. According to the board, the bank secured 13 percent of DexTech shares. In addition, the two companies are entering into a cooperation. TEN31 hopes this will give it a say in decisions on the decentralized "eFIN" exchange project. At the same time, DexTech wants to benefit from the bank's regulated environment. TEN31 Bank's CEO Matthias von Hauff expressed his delight at the new partnership. He said:
We are very pleased about this step. In particular, the decentralized nature of eFIN is aimed at a user base that seeks the highest level of security. Unlike centralized exchanges, each user retains full power of disposal over their crypto assets. This strongly accommodates our own need for security as a bank.
Matthias von Hauff, Member of the Board of TEN31 Bank.
Marco Grüter, Chairman of the Board of Directors of DexTech AG, was also optimistic:
With the combined know-how of our developers and the expertise of TEN31 Bank in the classic financial sector, we can invest in the technology of tomorrow in a very targeted manner. With a bank as a partner, we are able, for example, to establish a direct euro connection to eFIN. This has not been possible so far with decentralized exchanges.
Marco Grüter, Chairman of the Board of Directors of DexTech AG
eFIN also benefits from TEN31 cooperation with Nimiq
The decentralized crypto project also benefits from the partnership between TEN31 and Nimiq, which was established in December 2020. This is an open source project that aims to make sending tokens and currencies as straightforward as possible. Nimiq wants to make that a reality with the Open Asset Swap Interaction Scheme (OASIS). In doing so, the project aims to make off-chain assets like the U.S. dollar, euro, stock certificates, web domains and more tokenizable on a blockchain. Simply put, Nimiq and Germany's TEN31 Bank are thereby making it possible to make assets from the traditional financial world programmable, which would make it possible to use these assets in the DeFi space as well.