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Ten31 Bank (WEG Bank) Is Building Bandwidth for Bitcoin Retail Payments

By TokenPay Team | October 1, 2019, 1:54 PM

The German bank partially owned by blockchain firms Nimiq, TokenPay and the Litecoin Foundation is planning to process cryptocurrency payments for retailers starting in 2020.

WEG Bank AG CEO Matthias von Hauff told CoinDesk the program is now accepting retailer applications for a sandbox test group, with applications opening to the public in early 2020.

“You don’t have to be a customer of the bank,” he said. “All we do is provide the regulatory framework in the background, to make sure when the retailer receives crypto, he actually receives fiat in his bank account, if he chooses.”

“My hope would be that this type of solution would make it smoother, faster, easier, to the point where my parents would get comfortable with it too.”

Read the full article on CoinDesk.