WEG Bank AG CHIEF EXECUTIVE OFFICER Matthias von Hauff revealed CoinDesk the program is now philosophical retailer applications for a sandbox test group, with plans opening to the public in early 2020.
All the German bank partially looked after by blockchain firms Nimiq, TokenPay and the Litecoin Foundation is planning to process cryptocurrency payments for retailers building up in 2020.
“You don’t have to be a customer on your bank, ” he shown. “All we do has become provide the regulatory framework in the back, to make sure when the retailer will get crypto, he actually obtains fiat in his bank account, within the he chooses. ”
Since program ex Salamantex has already tested similar point-of-sale devices in Austria, von Hauff said the new bank “stakeholder” will allow merchants to send crypto payments thus to their own wallets or cash-out in fiat directly to a meaningful bank account. The program will be carried out by WEG Bank AG’s new fintech brand, TEN31.
He placed the program will start with bitcoin, litecoin and several other undisclosed crypto assets. Last week the lending company offered NIM and TPAY to people who participated with a Twitter contest.
Speaking to broader plans for the purpose of 2020 and beyond, des Hauff added:
“We will not relieve ourselves to just point-of-sale définitif. We will do online peruse, ATMs and we are currently investigating the option to integrate a single crypto trade into the bank as well. ”
This is unclear which exchange your bank may be able to integrate with in the forthcoming. For one, the stakeholding Nimiq Foundation is working on this sort of technology, called the OASIS route, with the Malta-based decentralized alternate (DEX) startup Agora Trade .
“What we just imagine with OASIS is that we are able to create a non-custodial connection concerned with the blockchain world and the common bank or bank-account worldwide, ” Nimiq co-founder Elion Chin told CoinDesk. “The goal is to have the house OASIS mainnet test by having WEG Bank AG together with Agora by 2020. ”
As for all the other prospective DEXs, TokenPay definitely owns equity in the DEX startup eFIN .
“We are looking forward to working with WEG Bank to integrate eFIN, a cross-chain noncustodial DEX, ” TokenPay CEO Derek Capo told CoinDesk.
Nimiq and TokenPay were both funded by – initial coin offerings (ICOs). According to the Nimiq transparency statement from Oct 2019, the project’s team spent roughly $3. 8 million worth of any $12. seven million earned during the 2017 ICO within 9. 9 percent fairness in WEG Bank AKTIENGESELLSCHAFT. The other two crypto business owners involved with the TEN31 predict own the same amount of equity, wedding ceremony Litecoin Foundation received its own shares for free from TokenPay.
Regardless of the a number of brand names now involved, AUS Bank AG itself are the regulated entity facilitating compliant services.
“This solution will make the on-boarding to get into crypto much sleeker, ” Nimiq’s Chin said, adding:
“My hope would be that your type of solution would make is going to be smoother, faster, easier, to the point where my parents would get comfortable with the program too. ”