- German bank Ten31 has acquired a stake in the Swiss blockchain company DexTech AG.
- The partnership will improve the current crypto standards on which the companies operate.
- Particular importance will be given to the improvement of the eFin exchange.
In a classic case of mutual symbiosis, the German bank Ten31 has acquired a stake in Swiss crypto start-up DexTech AG by buying 13% of their shares. While issuing a statement, the board of directors also said they strived for an intensive and progressive partnership between the two companies.
Benefits of Partnering up For Ten31 & DexTech AG
As the German bank Ten31, which is the brand name of WEG Bank AG, proudly flaunts the tag of being a regulated financial institution, a new start-up in cryptocurrency such as DexHart AG can benefit from the regulatory mechanisms. Similarly, the former can be benefited from the expertise the Swiss start-up has to offer. Ten31 is one of the few banks globally that specialize in DeFi to fiat currency trades and conversions. As the company states, it tries to bridge the gap between conventional fiat currencies and complicated cryptocurrencies. Swiss firm DexTech AG is primarily invested in creating and developing software related to cryptos trading at DeFi exchanges.
Advancement of eFin Platform
The eFin platform is a decentralized cryptocurrency exchange. It is a well-known fact that centralized exchanges are prone to failure as they depend on a single web service provider. However, decentralized exchanges do not suffer from this issue and the eFin platform, which is under the umbrella of the German bank, is one of the very few decentralized exchanges in the world. DexTech AG comes in here to develop specialized software to upgrade, refine, and maintain the platform to perform optimally. Both the CEO of Ten31 Bank, Matthias von Hauff and the chairman of DexTech AG, Marco Gruter, are looking forward to expanding the horizons of possibilities the partnership has to offer. The software foundation NIMIQ, a part of the bank, is in the final phase of testing its very own crypto-fiat bridge known as the OASIS (Open Asset Swap Interaction Scheme) protocol. This revolutionary piece of software will enable the programming of fiat currencies, just like blockchain tokens, making transactions between DeFi and fiat assets quick, safe, and secure.
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