Litecoin Foundation Acquires a 9.9% Stake in a German bank
July 11, 2018 BY Christoffer Horvath
Litecoin Foundation acquires 9.9% of Germany’s WEG Bank and agrees to provide its world-class technology and marketing expertise to TokenPay and its several blockchain initiatives.
The Litecoin Foundation is a Singapore-based non-profit organization created to advance Litecoin for the good of society by developing and promoting state-of-the-art blockchain technologies.
TokenPay Swiss AG reported its association with WEG Bank in Germany recently. TokenPay acquired 9.9 percent of the bank along with further options to purchase 90 percent overall of the bank pending the customary regulatory approval. This 9.9 percent stake was transacted to the benefit of Litecoin Foundation in exchange for a marketing and technology service agreement to benefit TokenPay with its related business operations. As a result of this partnership, Litecoin and TokenPay create a leading force in creating and delivering FinTech solutions to the market.
More specifically, TokenPay will benefit from Litecoins high-level blockchain mechanization capabilities and the partnership will focus on several different areas that have been identified as critical to the success of the enterprise. This includes TPAY cryptocurrency and its blockchain, in 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.
At the same time, TokenPay has acquired an additional 9.9% of WEG Bank. This number is due to no single entity can own more than 9.9 percent of a bank with regulators approval under current German banking laws. However, TokenPay plans to exercise its options to purchase the remaining shares of WEG Bank upon granting of the approval. With the addition of Litecoin as a strategic marketing and logistics partner in WEG bank, TokenPay anticipates adding hundreds of thousands of customers to its depot card solution. The technical expertise provided by Litecoin will also be a benefit as the WEG Bank explores new market opportunities.
Managing director of the Litecoin Foundation, and the creator of Litecoin, Charlie Lee stated: “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.”