Litecoin Acquires Stake in German Bank through Strategic Partnership with Payments Processor TokenPay
Litecoin foundation has acquired a 9.9% stake in major German bank through a strategic partnership with cryptocurrency payments processor Token Pay.
The Crypto-to-fiat payments firm has now passed ownership of the 9.9 percent of the equity in WEG Bank AG to Litecoin Foundation in exchange for the latter’s technical assistance in advancing the bank’s plans to bring cryptocurrency payment solutions to customers and working with TokenPay on its various blockchain projects.
I’m excited to announce that @LTCFoundation and @TokenPay have entered into a strategic partnership to buy a stake in a German bank, WEG Bank AG. We plan to work on many exciting consumer-driven crypto solutions. Stay tuned! 🚀
— Charlie Lee [LTC⚡] (@SatoshiLite) July 10, 2018
The Litecoin foundation is looking to integrate LTC with the WEG Bank AG and its services in order to make it easy for potential investors to purchase and use the cryptocurrency.
In an announcement earlier this year, TokenPay stated that the funds for the acquisition are derived from a token sale conducted in December 2017. The firm also plans to purchase a further 90% stake in the WEG Bank AG.
Launched in 2015, TokenPay built its own blockchain protocol and native TPAY token in an effort to facilitate scalable crypto-to-fiat transactions. The platform is looking to become a decentralized exchange offering asset management with TokenSuisse, a Fintech Platform, as well as offering a multi-sig transaction engine.
“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,’ said Dr. Jorg E. Wilhelm, head of the supervisory board of TokenPay Swiss AG. “The tangible reality of bridging the gap between the old and new world is electrifying.”