Tangany deal: Exporo changes custody service provider


Exporo has changed its custody service provider. In the future, the Munich start-up Tangany will be at the side of the Hamburg real estate platform.

The Hamburg FinTech Exporo has changed the token custodian. That goes from a Press release which the company published on its website last Monday, May 10th. The new partner at Exporos is now called Tangany, a wallet service provider based in the Bavarian capital of Munich.

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About a year ago, Hamburg-based FinTech decided to launch a trading platform for tokenized real estate shares. The company used the Ethereum blockchain for this. The increase in transaction fees within the ETH network forced one to act. Tangany would then have worked with the Exporo team on a solution for the real estate swarm financier, explains Martin Kreitmair, CEO of Tangany. He is delighted with the deal:

“Exporo is one of the most innovative players in the German FinTech market. In this respect, we are proud to have found an equally innovative solution to reduce the Ethereum network fees for Exporo enormously. This shows the very high quality and flexibility of our safekeeping solution. “

Martin Kreitmair, CEO of Tangany, told BTC-ECHO

This means that an administrative volume of 160 million euros falls into the custody of the wallet service provider Tangany. The securities will continue to be stored via the Ethereum blockchain, while a separate private blockchain will be created for settlement. Customers should then switch to the outsourced blockchain, it is said.

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Exporo asks customers to change their wallet

According to FinanceFWD Exporo is said to have asked its clients in a customer letter to actively consent to the change to the new wallet service provider before the partnership with Tangany was announced. The change is not “optional”, but mandatory: If customers do not agree, they would have to expect that they will no longer be able to make investments on the platform. The letter is also said to have said:

If you do not agree (…) you must assume that Upvest will terminate your wallet, which means that you would have to provide a wallet yourself to store your tokens.

While Tangany is happy about the deal, the move hits the old custodian service provider Upvest hard – especially financially. Because, according to media reports, the managed volume of the Berlin company is exactly the amount that is now being transferred to Tangany in the new deal. Upvest founder Martin Kassing was calm towards FinanceFWD. They continue to cooperate with Exporo. A company spokesman told BTC-ECHO that the partnership with Upvest would end after the migration to Tangany. There are currently no further collaborations, but all options are kept open for the future.