Wednesday, August 21, 2019

TokenPay Partners with Litecoin to Buy 9.9% of WEG Bank in Germany

TokenPay has partnered with Litecoin to acquire 9.9% of a German Bank, WEG Bank AG. The full purchase will be possible after buying the remaining 90% upon a compulsory approval by regulatory bodies.

As a key and strategic partner with the Litecoin Foundation, TokenPay has decided to purchase the German WEG Bank in order to make it crypto-friendly. The partnership between Litecoin and TokenPay reportedly aims to emerge as “a leading force in creating and delivering to the market modern consumer-driven crypto FinTech solutions” by benefiting from one another’s “high-level blockchain mechanization capabilities.”

According to the official announcement by TokenPay:

“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 its 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 Multisignature Transaction Engine designed for processing fast and secure crypto e-commerce payments for merchants.”

While talking about the bank purchase and partnership, the Managing Director of Litecoin founder and Litecoin Foundation, Charlie Lee, stated that: “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.”

Purchasing the WEG Bank would aid Litecoin’s “long-standing partnership with Verge Currency” which is in line with TokenPay’s intention to add “several hundred thousand customers to its debit card solutions platform in the near term.” The CEO and Founder of WEG Bank AG, Matthias von Hauff, also shared his view on the new development saying that:

“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.”

Litecoin has become even more significant cryptocurrency market, and according to Coinmarketcap, it is currently rated 6th most important digital currency just behind Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and EOS (EOS) respectively.

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A few months ago, the CEO of LitePay, Kenneth Asare, revealed his decision to shut down the services of the payment processing platform. The news had a negative impact on the LitePay community and the entire crypto ecosystem. There hasn’t been any further news on the sale till date. However, people are guessing that a suitable solution will be developed very soon.

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