Wevest Digital AG, a Berlin-based fintech company, announced this week that it will use the Stellar blockchain for its upcoming Security Token services.
Wevest Digital AG is a fintech company that offers digital investment banking services for small and medium-sized enterprises (SMEs). After looking for a suited blockchain for its Security Token services, the team behind Wevest decided to go for Stellar. According to a press release, Wevest identified Stellar as the most suitable platform for its new product.
Didier Goepfert, Head of Product at Wevest, said about the decision to start with Stellar:
“Stellar was an obvious choice — it combines simplicity, speed, cost efficiency and met all our requirements. We are glad to join the Stellar ecosystem along with several other European companies, contributing to the adoption of blockchain-based products and providing SMEs with easy and efficient access to equity financing through electronic securities.”
Small business in emerging markets normally struggle to find a banking partner. Luckily, nowadays, finance-centered blockchain startups can bridge that gap. Boris Reznikov, Director of Partnerships at Stellar.org, said about the news:
“We’re thrilled for wevest to become the latest German fintech to join the Stellar ecosystem. Wevest’s investment platform takes advantage of what the Stellar network does best — facilitating the efficient transfer and exchange of value — and we look forward to the upcoming launch of their platform.”
According to Wevest, by chosing Stellar, the company is able to offer smart contracts that are less error prone than those of other blockchains. It also facilitates off-chain operations such as KYC/AML, which are necessary for security offerings.