WEG bank
| WEG Bank AG | |
|---|---|
|
|
| Country |
 Germany
|
| Seat | Ottobrunn |
| legal form | Corporation |
| Bank code | 700 116 00 |
| BIC | WEGB DE77 XXX |
| founding | May 22, 2014 |
| Website |
www.weg-bank.de www.ten31.com |
| Business data 09/2019 | |
| Total assets | approx. EUR 100 million |
| insoles | approx. EUR 85 million |
| Customer credit | approx. EUR 27 million |
| management | |
| Board | Matthias von Hauff (CEO) Bernd Bonacker (CRO) |
| Supervisory board | Andreas Eisele (Chairman) |
The WEG Bank AG is a German bank in the form of a public company, based in Ottobrunn near Munich. The bank was founded in 2015 with the sole focus on the German housing industry. In the meantime, the bank has expanded its offering to include fintech products in the area of blockchain- based applications.
In order to separate both business areas in the external presentation, the bank appears with the brands "WEG Bank AG" and "TEN31 Bank".
history
On August 1, 2014 GRAFAP Beteiligungen UG (limited liability) applied for a license to conduct banking business.
At this point in time the company was in the process of being converted into a stock corporation. The application was approved by the Federal Financial Supervisory Authority ( BaFin ) on June 18, 2015. The company then renamed WEG Bank AG.
As a CRR credit institution, the bank initially had permission to conduct both the deposit business and the lending business. At that time, the bank was solely owned by "von Hauff Immobilien Holding GmbH", an investment company owned by Matthias von Hauff.
After founding the "BfW - Bank für Wohnungswirtschaft AG", this was the second time a bank was founded by the Mannheim-born entrepreneur.
technology
WEG Bank AG is connected to the cooperative data center of Fiducia & GAD IT AG and uses their Agree21 software as the core banking system.
Housing industry orientation
At the time of commencement of business in January 2016, the bank had a sole focus on customers from the housing industry, in particular administrators of apartment owners' associations (WEGs), from which its name is derived. The bank had specialized in the administration of deposits and the granting of loans to WEGs. As of September 30, 2019, over 1,000 WEGs were already among the bank's customers.
Second business area as a fintech bank
In the course of 2018, the bank's board of directors came into contact with leading players from the fintech industry, including Charlie Lee , the inventor of Litecoin . From these encounters, the board recognized a need. Since summer 2018, the bank has developed a second business area and is now positioning itself under the brand name TEN31 Bank as a specialist institute for banking services in the field of blockchain-based applications. The name TEN31 Bank is derived from October 31, 2008, when the whitepaper "Bitcoin: A Peer-to-Peer Electronic Cash System" by Satoshi Nakamoto was published.
TEN31 Bank has set itself the goal of supporting and accelerating the everyday applicability of digital currencies (e.g. Bitcoin )
Open to strategic shareholders
This expansion of the business model has aroused significant interest from investors in the fintech industry. Matthias von Hauff decided to give up his position as sole shareholder and to open the bank to those shareholders who would offer strategic added value in terms of further developing the business model. In addition to the founding shareholder u. a. the following companies are shareholders of WEG Bank AG:
| Surname | Share in the share capital |
|---|---|
| Salamantex GmbH | 9.90% |
| Litecoin Foundation | 7.50% |
| Turing Complete Holdings Ltd | 9.90% |
| Nimiq Foundation | 9.90% |
| TokenPay Swiss AG | 9.90% |
| Anquan Capital Ltd. | 9.90% |
Following the announcement by the board of directors on September 28, 2019 at the Litecoin Summit in Las Vegas, it is to be expected that further players will be added. On May 15, 2020, the bank published that Anquan Capital Ltd, to which the Zilliqa Blockchain belongs, also has a stake in the bank.
Web links
- WEG Bank AG website
- TEN31 Bank website
- WEG Bank in the company database of BaFin
Individual evidence
- ↑ a b Master data of the credit institute at the Deutsche Bundesbank
- ↑ [1] , press release on TEN31 branding from October 1st, 2019
- ↑ [2] , Cointelegraph: Interview with Matthias von Hauff, CEO WEG Bank AG from April 12, 2019.
- ↑ [3] , BTC Echo: Interview with Matthias von Hauff, CEO WEG Bank AG from May 2nd, 2019
Coordinates: 48 ° 4 ′ 29.8 ″ N , 11 ° 39 ′ 8.1 ″ E