German Bank Sells Almost 30% of Equity to Cryptocurrency Companies
By Tyler Smith – Cryptocurrency Broker
WEG Bank AG, a German bank with affiliation to the real estate industry, sells almost 30% of its equity to cryptocurrency companies as reported by Coindesk. This could be a move to diversify the bank and provide services for those that buy and sell cryptocurrency.
WEG Bank AG has seen three different cryptocurrency companies, TokenPay, The Litecoin Foundation and now Nimiq purchase equity in their business. This could suggest that cryptocurrency companies are looking for alternative ways of acquiring banking services to operate their business. Users looking to cash out crypto could be provided with a service to converting their crypto to fiat.
The Nimiq partnership with the bank could help offer fiat liquidity to Decentralised Exchanges (DEX). The majority of DEXs are unable to interact with traditional bank accounts and users to the Nimiq system in the future could potentially sell Litecoin for fiat.
All three companies have purchased 9.9% percent equity gaining part ownership over the bank. They have chosen not to purchase more equity as German Law permits further regulatory requirements for foreign ownership stakes of ten percent or more yet have gained a considerable stake combined. We could see the crypto companies influencing the bank in a way to help innovate the industry and reduce barriers for entry.
With more partnerships and collaborations with banks, cryptocurrency companies can provide more streamlined services for engaging and encouraging users to buy and sell crypto and get involved with the technology.
Be sure you check out our site for a bespoke service to sell crypto UK. Don’t forget to head over to our articles for the latest news in the crypto space.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards