Litecoin Foundation and TokenPay buy stake in WEG Bank AG

Litecoin founder, Charlie Lee, announced via twitter this morning that the Litecoin Foundation and Token Pay have entered into a partnership to buy a stake in German bank, WEG Bank AG. IN acquiring this stake, they hope to work on consumer driven cryptocurrency solutions for Litecoin and other cryptos. TokenPay had previously secured a deal to acquire 9.9% of the bank in question along with options to purchase 90% of the overall bank at a future date pending regulatory approval. Today, TokenPay used its initial 9.9% position to partner with Litecoin Foundation in exchange for marketing and technology service solutions to help benefit TokenPay’s cryptocurrency operations.

This partnership is one of the first of its kind and could bring about real world adoption and expanded use cases of cryptocurrency, and specifically Litecoin. Analysts identified key areas where the partnership could prove succesfull including the TPAY cryptocurrency, eFin decentralized exchange (DEX), the EFIN coin, Token Suisse asset management and structured financial products, WEG Bank FinTech products (consumer debit cards) as well as e-commerce payments for merchants.

TokenPay has also acquired an additional 9.9% WEG Bank pending regulatory approval. Upon this approval, they plan to exercise the option to purchase the remaining shares of WEG Bank that are available to them. With this partnership, TokenPay hopes to add hundreds of thousands of users to its consumer product services over the coming year. They also hope to leverage the vast technical knowledge on blockchain solutions that the Litecoin team has cultivated over the past decade.

Some comments from the Litecoin team:

Charlie Lee (Managing Director of LTC Foundation)

“This partnership is a huge win-win for both Litecoin and TokenPay. I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin. I’m also excited about Litecoin’s support in TokenPay’s eFin decentralized exchange.”

Matthias von Hauff (Founder & CEO of WEG Bank AG)

“The partnership with innovative institutions such as TokenPay and Litecoin might at first come unexpectedly for a very conservative institution like us. But we have thoroughly and diligently examined the prospects of a common future, and we became convinced that the future of banking will make adoption of such modern payment methods inevitable. We are therefore proud to have teamed up with the best in the field.”

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