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Newly acquired WEG Bank AG to start cryptocurrency payments from 2020

Newly acquired WEG Bank AG to start cryptocurrency payments from 2020

WEG Bank AG, which has recently been jointly acquired by three blockchain companies, will be processing cryptocurrency payments by 2020. Litecoin Foundation, Nimiq, and Token Pay jointly bought WEG Bank AG this year.

To process these digital payments for retailers in the coming year, the bank has started to explore the sandbox test group that will be thrown open for public use in 2020. Austrian payment solutions firm, Salamantex has joined hands with the bank in its current endeavor. Salamantex has already undertaken successful testing of POS (Point-of-Sale) devices throughout Austria.

Matthias Von Hauff, WEG Bank AG Chief Executive Officer (CEO)added that Salamantex would help the bank’s customers receive and hold crypto payments in their wallets. They can also exercise the option to check out fiat currency to their bank accounts from their crypto wallets.

He further submits that bank will provide the underlying regulatory framework that ensures that crypto and fiat payments work in tandem and customers have simultaneous access to both monetary systems.

WEG Bank AG to move beyond cryptocurrency payments

TEN31, the fintech subsidiary of WEG Bank AG will manage the Salamantex program. Initially, the program will work with Litecoin (LTC), Bitcoin (BTC), and some other digital assets. The bank’s plans extend beyond just ‘point-of-sale’ terminals. The CEO reveals that the bank will develop ATMs, start online checkouts, and will even collaborate with a cryptocurrency exchange for comprehensive coverage.

Nimiq has been working closely Agora Trade, a decentralized exchange based in Malta, on ‘Open Asset Swap Interaction Scheme’ or OASIS which will help widen its network. Nimiq can also tap into the WEG Bank’s SEPA Instant for conventional banking solutions.

Ultimately, this combination of WEG Bank, Agora Trade and Nimiq Oasis will allow customers to access more than 2000 network points for crypto or fiat transactions. This will truly empower the bank to enter the crypto realm and conduct large scale operations.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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