Litecoin Foundation partners with TokenPay to acquire stake in German bank
TokenPay and Litecoin have agreed on joint ownership of WEG AG Bank, initially acquiring minor shares.
Litecoin has attained a stake in German financial institution WEG Bank AG after partnering with decentralized payment platform TokenPay to develop a comprehensive marketing and business operations strategy.
In May, TokenPay closed a deal with German-based WEG Bank AG. Share certificates representing 9.9% equity interest in the bank were acquired by TokenPay Swiss AG using proceeds from a December 2017 token sale.
TokenPay secured options to acquire an additional 80.1% of the bank upon regulatory approval. After passing its ownership stake to the Litecoin Foundation, TokenPay purchased a further 9.9% stake in WEG Bank AG.
The two companies have agreed on joint ownership of WEG AG Bank, according to a post on TokenPay’s blog.
TokenPay said that it would directly benefit from Litecoin’s blockchain mechanization capabilities. The partnership enterprise will focus on the TPAY cryptocurrency and its blockchain, eFin decentralized exchange (DEX) and the EFIN coin, TokenSuisse asset management and financial products, WEG Bank’s fintech platform, including consumer debit cards, as well as TokenPay’s Multisignature Transaction Engine, designed to process secure cryptocurrency e-commerce payments for merchants.
TokenPay conservatively anticipates adding several hundred thousand customers to its debit card solutions platform in the near term.
TokenPay Swiss AG on its predictions regarding the new partnership
Litecoin will also assist in the development of TokenPay’s blockchain platform. Litecoin creator Charlie Lee will work with TokenPay’s development team to implement new built-in products, including Lightning Network.
The Lightning Network has significantly grown its monetary capacity, according to the latest statistics.
TokenPay launched in 2015 with its own, unique blockchain protocol and native TPAY token.
The open-source Litecoin network went live in mid-October 2011. The coin was inspired by bitcoin.
TokenSuisse plans to integrate Litecoin into their banking platform (WEG AG), merchant services platform and in the upcoming eFin decentralized exchange. Listing pairs for LTC on the eFin DEX haven’t been announced.
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