Litecoin Foundation and TokenPay have entered into a strategic partnership to acquire a stake in a German Bank, WEG Bank AG. TokenPay will be acquiring an additional 9.99% of stake in the bank and the present 9.99% share acquired in the previous partnership has been transferred to the Litecoin Foundation.
TokenPay is a multi-faceted company with the native Cryptocurrency TPAy, the company is focused to become a decentralized bank with multiple services and a secure Cryptocurrency.
With this partnership, TokenPay aims to benefit from Litecoin’s high-level Blockchain mechanisms and exchange marketing and technological services which the company claims will be a leading force in the Crypto Finance industry.
The reason for acquiring not more than 9.99% is because of regulatory limitations, TokenPay has the option to acquire the rest of the stake in the bank upon approval from the regulators.
TokenPay has also partnered with the privacy Cryptocurrency Verge and Tokensuisse which is an asset Tokenising firm, with this partnership with Litecoin Foundation the company aims to take huge leaps forward by adding merchant solutions and a diverse customer base to their debit card business.
Charlie Lee, Managing Director of Litecoin Foundation said:
“This partnership is a huge win-win for both Litecoin and TokenPay. I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin. I’m also excited about Litecoin’s support in TokenPay’s eFin decentralized exchange.”
Charlie Lee Tweeted:
Dr.Wilhelm, Head of Supervisory board of TokenPay said:
“We are elated to be in the process of acquiring a large stake in a successful business bank based in Germany such as WEG. Our ecosystem consisting of the TPAY blockchain, WEG Bank, TokenSuisse and Litecoin Foundation provides us with a tremendous opportunity regarding merchant solutions, along with a strong and diverse customer base for our crypto debit card business.
The tangible reality of bridging the gap between the old and new world is electrifying.”
TokenPay had tweeted yesterday teasing the Bancor hack and hinting at the partnership by including LTC in their tweet:
Bancor, the "decentralized centralized exchange" got hacked and $25M of ERC20 shitcoins have been stolen. Congrats to the winners. #TokenPay eFin DEX can't come soon enough. Stay tuned for the details on how you can receive #EFIN coins for FREE. Hint: You need #TPAY #XVG or #LTC. pic.twitter.com/EY8y1OIJ7x
— TokenPay (@tokenpay) July 10, 2018
We certainly live in an interesting time where Cryptocurrency startups are acquiring stakes in Banks.
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