Litecoin became part of a tactical partnership with TokenPay, owner Charlie Lee introduced. The partnership of Litecoin with TokenPay is to buy a stake in a German Bank– WEG Bank AG. With this partnership, they really hope that they will be able to work with numerous consumer-driven crypto services.
Lee tweeted, “I’m excited to announce that @LTCFoundation and @TokenPay have actually participated in a calculated collaboration to purchase a stake in a German financial institution, WEG Bank AG. We prepare to work with many exciting consumer-driven crypto services.”
TokenPay Swiss AG acquired 9.9% of the WEG financial institution together with options to purchase around 90% overall of the financial institution pending the normal governing authorization. On July 10, this 9.9% risk in WEGBank was further negotiated to the benefit of Litecoin Foundation for a broad and detailed advertising and marketing and technology solution contract to benefit TokenPay and also its relevant cryptocurrency as well as business procedures. As a result of this collaboration, TokenPay and Litecoin incorporate as a leading force in creating as well as delivering to the marketplace contemporary consumer-driven crypto FinTech remedies.
Particularly, TokenPay will directly take advantage of Litecoin’s top-level blockchain automation abilities. The partnership will certainly concentrate on several key locations that have been determined by experts as important to the success of the business. This consists of, however is not limited to, the TPAY cryptocurrency and also its important blockchain, eFin decentralized exchange (DEX) and also the EFIN coin, TokenSuisse asset management and organized financial items, WEG Financial institution FinTech platform consisting of high demand customer debit cards and the TokenPay Multisignature Transaction Engine developed for processing quick and protected crypto shopping payments for vendors.
Prof. Dr. Jorg E. Wilhelm, Head of Supervisory Board of TokenPay Swiss AG commented, “We are elated to be when acquiring a huge risk in an effective business bank based in Germany such as WEG. Our community containing the TPAY blockchain, WEG Financial institution, TokenSuisse as well as Litecoin Foundation provides us with an incredible possibility regarding seller options, along with a solid and also diverse consumer base for our crypto debit card business. The substantial reality of bridging the gap between the old and also new globe is electrifying.”
It is essential to recognize that under German financial regulation no entity could possess more than 9.9% of a bank without governing authorization. After the providing of the authorization, TokenPay plans to exercise its alternatives to get the remaining shares of WEG Bank it is entitled to acquire.
Lee stated, “This partnership is a significant win-win for both Litecoin and TokenPay. I’m looking forward to incorporating Litecoin with the WEG Bank AG and all the numerous solutions it has to supply, to make it simple for any individual to acquire and utilize Litecoin. I’m also excited regarding Litecoin’s assistance in TokenPay’s eFin decentralized exchange.”
With the popular enhancement of Litecoin as a strategic advertising, blockchain technology, and also logistics companion in WEG Bank as well as its enduring partnership with Brink Money, TokenPay cautiously expects including numerous hundred thousand clients to its debit card remedies platform in the near term. Accordingly, the technological knowledge given by Litecoin will certainly be a tremendous benefit to the establishment of comprehensive automation standards as well as requirements used by the financial institution as it explores brand-new market chances.
Matthias von Hauff, founder, and Chief Executive Officer of WEG Bank AG stated: “The partnership with cutting-edge institutions such as TokenPay and also Litecon could at first come unexpectedly for an extremely conventional organization like us. Yet we have thoroughly and carefully examined the prospects of a typical future, and we became convinced that the future of financial will certainly make fostering of such modern-day settlement methods unpreventable. We are consequently honored to have teamed up with the best in the field.”
A mechanical engineer turned journalist, Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possible piece of information about them. He works as a crypto-journalist for the website Cryptoheed.