The Litecoin (LTC) Foundation has acquired a 10 percent stake in the German bank WEG Bank AG. The agreement is the result of a new strategic partnership with the crypto and fiat payment company, TokenPay. The news comes from an ad posted by TokenPay on Tuesday, July 10th.
TokenPay has transferred its 10 percent stake in the bank to the Litecoin Foundation in exchange for an agreement that will enable the Foundation to provide its expertise in blockchain technologies, marketing, and logistics for the benefit of TokenPays’ crypto market and commercial operations.
Explicitly, the agreement will enable the Litecoin Foundation to offer its ‘high level’ blockchain machining capabilities to help TokenPay implement its major blockchain initiatives. These include the development of a TPAY cryptocurrency, its underlying blockchain, and a decentralized eFin exchange with a native EFIN crypto token.
The Foundation will also provide information for TokenPay’s TokenSuisse asset management, its WEG Bank FinTech platform, and a TokenPay Multifirm Transaction Engine, designed to process e-commerce payments in fast and secure crypts for merchants.
Litecoin (LTC) and TokenPay teamed up and obtained about 10% of German WEG Bank AG
This partnership is a big win for both Litecoin (LTC) and TokenPay. I look forward to integrating Litecoin (LTC) with WEG Bank AG and all the services it has to offer so that it is easy for anyone to buy and use LTC. I am also excited about Litecoin’s support of TokenPay’s decentralized eFin exchange.
Charlie Lee, Litecoin (LTC) founder
Matthias von Hauff, founder and CEO of WEG Bank AG, added that although the partnership with Litecoin (LTC) and Tokenpay may seem unexpected for what he characterized as “a very conservative institution,” the bank strongly believes that “the future of banking will make the adoption of these modern payment methods inevitable.”
It could be said that several of the major companies in the cryptocurrency banking sector are moving towards an ecosystem that more closely resembles the traditional financial sector.
Litecoin (LTC) is currently trading at around $80, and is the sixth largest cryptocurrency, with a market capitalization of $4.5 billion.
Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.