DGAP-News: WEG Bank AG / Key word(s): Cryptocurrency / Blockchain/Strategic Company Decision WEG Bank AG: Breakthrough in tokenization of equity: WEG Bank AG issues new shares as 'Blockchain Listed Shares'. BaFin approves securities prospectus. 2021-08-03 / 10:31 The issuer is solely responsible for the content of this announcement. =---------------------------------------------------------------------------------------------------------------------- "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 history of the German financial industry to convert its share register completely to blockchain technology. In addition, the bank has another reason to celebrate: BaFin has approved the bank's related securities prospectus for public fundraising. Private investors will soon be able to purchase shares in the dynamically growing bank. It is expected that the bank will issue 2,830,000 new shares as of October 2021, thereby raising equity and reserves for further successful growth. The bank will publish further details on the share offer shortly. TEN31 Bank has christened the idea of a DLT-based share register "Blockchain Listed Shares", short BLS. The special feature of this innovative solution is that the entry on the blockchain is the actual proof of ownership with regard to the respective share. BLS is the first blockchain-based technology that gives an investor direct access to the shares held. This enables 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 share register. Such a register provides the necessary transparency and proof of ownership of the company's shares. It is imperative that this register be protected against manipulation or loss of data. Traditionally, a register is kept in a classic database. This is where TEN31 Bank has stepped in and pioneered once again. With "Blockchain Listed Shares", all actions that record or require the ownership and transfer of shares can be carried out fully digitally. By maintaining the share register on a blockchain, the bank is taking advantage of some of the key benefits of this new technology: transparency, immediacy, verifiability, censorship resistance, and data security. "By approving the prospectus, BaFin has acted and decided in a forward-looking manner. We have thus responded to the call for banks to become more innovative and have written a piece of German financial history with our prospectus," says Matthias von Hauff with a certain pride. "The advantage 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 company accessible to the masses. For mid-sized companies in particular, this form of financing helps tremendously, as shares could suddenly be made available globally without having to maintain a complex and costly internal infrastructure." This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the intellectual property in any state in which such offer, solicitation, or sale would be unlawful. About TEN31 Bank TEN31 Bank is the fintech division of WEG Bank AG. The regulated institute from Munich pursues a clear mission: to promote the usability of digital values and digital currencies in everyday life. The focus is to offer banking services in innovative payment transactions. TEN31 Bank sees itself as a bridge between conventional banking and the world of blockchain. =---------------------------------------------------------------------------------------------------------------------- 2021-08-03 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de =----------------------------------------------------------------------------------------------------------------------
1220641 2021-08-03
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https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1220641&application_name=news(END) Dow Jones Newswires
August 03, 2021 04:31 ET (08:31 GMT)
