RATE Group | This Crypto-Savvy Bank Is Building Bandwidth for Bitcoin Retail Payments
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This Crypto-Savvy Bank Is Building Bandwidth for Bitcoin Retail Payments

01 Oct This Crypto-Savvy Bank Is Building Bandwidth for Bitcoin Retail Payments

Posted at 11:50h in Bitcoin News by

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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.”

Since program partner Salamantex has already tested such point-of-sale devices in Austria, von Hauff said this new bank “stakeholder” will allow retailers to send crypto payments to their own wallets or cash out in fiat directly to a bank account. The program will be administered by WEG Bank AG’s new fintech brand, TEN31.

He added the program will start with bitcoin, litecoin…

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