• A German bank will issue blockchain-listed shares, and the Securities Prospectus has been approved by the financial regulator

  • WEG Bank AG, based in Germany, announced a breakthrough in equity tokenization on Tuesday. According to the company’s announcement, this makes it the first company to put all of its shares on the blockchain. “We have been anticipating the publication of this company news for a long time,” said Matthias von Hauff, CEO of TEN31 bank, WEG Bank AG’s fintech division.

    The bank’s related securities prospectus has also been approved for public fundraising by BaFin, the country’s financial regulator. According to Matthias von Hauff,

    “By approving the prospectus, BaFin acted and made a decision that was forward-looking. We responded to the call for banks to be more innovative by writing a piece of German financial history in our prospectus.”

    Private investors will soon be able to purchase shares in the bank, which is set to issue 2,830,000 new shares beginning in October. The bank will provide more information about the share offering in the near future. The bank intends to provide the necessary transparency and evidence of ownership of the company’s shares through “Blockchain Listed Shares,” or BLS for short, which will also protect them from manipulation or data loss. The bank will also enable secondary trading, allowing any company to trade its shares on a cryptocurrency exchange. “This type of financing is extremely beneficial, particularly for medium-sized businesses, because stocks can be made available globally at any time,” Matthias von Hauff stated Meanwhile, leading cryptocurrency exchange Binance recently discontinued its derivatives and futures product offerings in Germany and other European countries. In the midst of this, on August 2nd, the country’s law went into effect, allowing certain institutional funds to invest up to 20%, or billions of dollars, in crypto assets for the first time.

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