Litecoin (LTC) Foundation and TokenPay (TPAY) Swiss AG have entered into a strategic partnership to develop crypto solutions for the consumers. The announcement was made by Charlie Lee, the founder of TokenPay. Together the merger will work as a major force to create and deliver crypto fintech solutions for crypto enthusiasts.
TokenPay is a blockchain solution development firm known for incorporating the Bitcoin (BTC) cryptographic technology. Based in Singapore, Litecoin Foundation is a non-profit organization. The Foundation’s primary aim is to advance LTC. Litecoin has partnered with TokenPay for buying a stake in the German WEG Bank AG. The information was revealed by Lee through a tweet on the official account of TokenPay.
Incidentally, a few weeks ago, TokenPay signed a partnership deal with WEG Bank and acquired a 9.9% stake of the German bank. The Swiss company also acquired the options for purchasing around 90% of the overall bank which right now is awaiting approval from regulatory bodies. It should be noted that the German banking law does not allow any entity to acquire stake in any bank beyond 9.9% in the country without getting regulatory approval. As per the report, once TokenPay receives the approval it will acquire the remaining shares of the bank.
Lee stated, “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.”
TokenPay’s stake in WEG Bank to benefit Litecoin
Litecoin Foundation will benefit from the 9.9% stake of TokenPay in WEG Bank. As part of the deal, TokenPay will benefit from the comprehensive and broad services offered by Litecoin in the field of technology and marketing and also related virtual currency and business operations.
Litecoin will provide its world-class expertise in technology and marketing to TokenPay along with its other blockchain initiatives including eFin Decentralized Exchange (DEX), TPAY Cryptocurrency, WEG Bank FinTech Platform, TokenSuisse Asset Management, and Multisignature Transaction Engine.
According to WEG Bank CEO and Founder, Matthias von Hauff, the partnership with Litecoin and TokenPay was a bit unexpected for a traditional institution like his bank but after examining the prospects diligently and thoroughly they are convinced that it is best for the future of banking.