Litecoin (LTC) founder Charlie Lee posted on Reddit yesterday to clarify his position within the Litecoin Foundation and the future of the Foundation following the acquisition of a stake in the German bank WEG Bank AG. In his role, Lee mentioned the possibility of the bank to offer cryptocurrency services.
Last week, the Litecoin Foundation acquired about 10% stake in WEG Bank AG through a new strategic partnership with crypto-fiat payment company TokenPay. In exchange for providing its blockchain, logistics, and marketing expertise to TokenPay, Litecoin (LTC) received TokenPay’s previously owned 10% percent.
However, in the blog post the Litecoin (LTC) founder wrote, Charlie Lee, tried to “clarify some things about the recent events,” giving some details about the acquisition of the bank, and stating that the Foundation “did not pay any money for this participation in the bank.”
Charlie Lee, Litecoin (LTC) founder, might receive a seat on the bank’s board of directors
Regarding the possible expansion of crypto services, the founder of Litecoin (LTC) commented that “the best case is that with this bank, we can create and offer crypto solutions such as debit cards, merchant processing, and other innovative solutions.”
On the other hand, Lee added that “we certainly have a much better chance of success now that we have a stake in a bank with banking licenses,” referring to the opportunity Litecoin (LTC) and its related technologies now have to compete with VISA and SWIFT, among others directly.
Lee said that with a seat on the bank’s board of directors, he would be able to positively influence the adoption of cryptocurrencies in the bank’s operations. He added that even if they cannot work with the bank to lobby for crypto-related services, the Litecoin Foundation will benefit financially.
At the time of this writing, Litecoin (LTC) trades at $91.18, scoring an increase of about 9% in the last 24 hours.
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.