WEG Bank AG issues new shares as “listed blockchain shares”. BaFin approves the securities prospectus.

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DGAP-News: WEG Bank AG / Keyword (s): Cryptocurrency / Blockchain / Strategic business decision
03.08.2021 / 10:31
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“We have been looking forward to the publication of this corporate news for a long time! Says Matthias von Hauff, CEO of TEN31 Bank. The bank is the first company in the history of the German financial industry to completely convert its share register to blockchain technology. In addition, the bank has another reason to celebrate: BaFin has approved the prospectus for the bank’s securities for public fundraising. Private investors will soon be able to buy shares of the growing bank.

The bank is expected to issue 2,830,000 new shares by October 2021, thereby increasing equity and reserves for successful future growth. The bank will publish further details on the share offering shortly.

TEN31 Bank baptized the idea of ​​a DLT-based share register “Blockchain Listed Shares”, abbreviated BLS. The peculiarity of this innovative solution is that the registration on the blockchain is the effective proof of ownership with regard to the respective share. BLS is the first blockchain-based technology that gives an investor direct access to stocks held. This allows a much higher level of legal certainty than would have been possible with traditional tokenization methods.

As a general rule, any company whose capital is based on registered shares must keep a register of shares. Such a register provides the necessary transparency and proof of ownership of the company’s shares. It is imperative that this register is protected against any manipulation or loss of data. Traditionally, a register is kept in a conventional database. This is where the TEN31 bank stepped in and once again pioneered. With “Blockchain Listed Shares”, all actions that register or require ownership and transfer of shares can be done completely digitally.

By maintaining the share ledger on a blockchain, the bank takes advantage of some of the main advantages of this new technology: transparency, immediacy, verifiability, censorship resistance and data security.

“By approving the prospectus, BaFin acted and decided on a forward-looking basis. We have thus responded to the banks’ call to become more innovative and have written a piece of German financial history with our prospectus, ”says Matthias von Hauff with some pride. “The benefit of BLS technology goes far beyond simply storing data on the shareholder register: once secondary trading is possible, the technology opens up the possibility for any company to trade its shares on a crypto exchange,” making investments in the business accessible to the masses. For midsize companies in particular, this form of financing helps tremendously, as stocks could suddenly be available globally without having to maintain complex and expensive internal infrastructure. “

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the Intellectual Property in any State in which such an offer, solicitation or sale would be. illegal.

About TEN31 Bank
TEN31 Bank is the fintech division of WEG Bank AG. The Regulated Institute in Munich pursues a clear mission: to promote the use of digital values ​​and digital currencies in everyday life. The aim is to offer banking services in innovative payment transactions. TEN31 Bank aims to be a bridge between conventional banking and the world of blockchain.

08/03/2021 Distribution of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this advertisement.

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