Back in May of this year, TokenPay closed a deal with Germany’s WEG Bank AG to acquire a 9.9 percent ownership stake in the bank. Today, the Litecoin Foundation, the team behind the Litecoin (LTC) cryptocurrency currently ranked #6 by market cap, have acquired that same 9.9% stake from TokenPay in exchange for creating a partnership where Litecoin Foundation provides important marketing and technology services to TokenPay.
Litecoin Foundation will lend its expertise in the blockchain space to assist with TokenPay’s key blockchain initiatives such as their TPAY cryptocurrency coin, eFin Decentralized Exchange, TokenSuisse Asset Management system, WEG Bank’s FinTech Platform, a multi-signature transaction engine, as well as other “modern consumer-driven crypto FinTech solutions.”
Charlie Lee, Founder of the Litecoin Foundation commented on the new partnership with TokenPay:
“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 of WEG Bank AG added:
“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.”
Dr. Jorg E. Wilhelm, Head of Supervisory Board of TokenPay Swiss AG is “elated” over the acquisition, and believes that Litecoin Foundation will provide a “tremendous opportunity regarding merchant solutions, along with a strong and diverse customer base for our crypto debit card business.”
Under German law, no entity can own more than a 9.9 percent stake in a bank without regulatory approval from German officials. If approved, TokenPay will acquire the remaining shares of WEG Bank AG.
TokenPay believes through the partnership and acquisition, they will be able to add “several hundred thousand customers to its debit card solutions platform in the near term.”