Charlie Lee of the Litecoin Foundation announced on Twitter a new partnership of the foundation and TokenPay with the German WEG Bank.
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
TokenPay, a decentralized platform for payments with self-verification, acquired 9.9% of the bank in May, in addition to purchasing options that allow it to increase to 90% of the total WEG Bank.
The initial stake was then transferred to the Litecoin Foundation and TokenPay.
According to German banking law, a company can not hold more than 9.9% of a credit institution.
So, only when (and if) there will be approval, TokenPay will be able to purchase the rest of the bank’s shares and use its network to add several hundred thousand customers to its new debit card solutions platform by the end of 2018.
Thanks to this partnership, TokenPay will be able to benefit from Litecoin’s blockchain technology and marketing services offered by the foundation considering that cryptocurrency boasts over five million followers worldwide.
There are many key areas that must be developed and carried forward for the success of the project. In short: the TPAY cryptocurrency and its blockchain, the decentralized exchange eFin and the EFIN currency, TokenSuisse’s asset management and the structured financial products, the WEG Bank FinTech platform, including the high demand debit cards, and finally TokenPay Multisignature Transaction Engine designed to process fast and secure electronic encryption payments for traders.
The advantage of Litecoin from this transaction comes from banking connections.
TokenPay’s CEO, Derek Capo, said: “We are building an entire ecosystem that includes merchant services, banking, escrow, games, e-sports, employment services, etc., where we have entire control of the vertical integration needed to lower costs, but also to control our destiny.
Litecoin is a top-five blockchain in the world and boasts more than one million followers worldwide, which helps increase the chances of TokenPay’s ecosystem to succeed.”
Derek does not want to stop here, but aims to extend the partnership to other cryptocurrency companies like Litecoin or Verge with which he already has a long collaboration.
“This is the beginning of the impact TokenPay is going to have in the blockchain industry,” he said. “We have a lot more projects and deals to work on, and we feel we have barely scratched the surface. Having partners like Litecoin with us is going to make the chances of success higher than it [was] yesterday.”