TokenPay announced that it has signed a partnership with the German institution WEG Bank to acquire 9.9% of the bank. The remaining 90% will be purchased after a mandatory regulatory approval.
Litecoin Buys German Bank
TokenPay, an important and strategic partner of the Litecoin Foundation has decided to buy the German WEG Bank.
The official statement reads as follows:
“The partnership will focus on several key areas that have been identified by analysts as critical to the success of the enterprise. This includes, but is not limited to, the TPAY cryptocurrency and is vital blockchain, eFIN decentralized exchange (DEX) and the EFIN coin, TokenSUisse asset management and structured financial products, WEG Bank FinTech platform including high demand consumer debit cards and the TokenPay Multisignarute Transaction Engine designed for processing fast and secure crypto e-commerce payments for merchants.”
At the same time, Charlie Lee commented on the matter saying that it was an important announcement for Litecoin and TokenPay. He also said that the Litecoin Foundation is working in many exciting consumer-driven crypto solutions.
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
Alistair Milne, an important crypto investor and figure in the space explained that he assumed that if crypto was going to be big, companies and banks were going to acquire exchanges and startups, but it may be happening in the other way. Virtual currency companies are starting to acquire traditional financial institutions.
Some months ago, LitePay CEO Kenneth Asare decided to shit down the operations of the payment processing project, something that harmed the community and the entire crypto ecosystem. At the moment, there is no information on whether the solution will be developed or not in the short or middle term.
Litecoin is now an important virtual currency in the market. Indeed, it is the 6th most important after Bitcoin, Ethereum, Ripple, Bitcoin Cash and EOS. Each LTC token can be bought for $78 dollars and it has a market capitalization of $4.51 billion dollars. Litecoin it is currently registering the biggest gains in the top 10 increasing 2.79% compared to 24 hours ago.