Charlie Lee, the founding father of Litecoin, not too long ago took to Twitter to announce a partnership with TokenPay, that may see the 2 collaborate with a German financial institution.
TokenPay Buys a Stake in German Financial institution
TokenPay, a Switzerland-based cryptocurrency cost platform, not too long ago introduced that it might be securing a take care of the privately owned WEG Financial institution in Germany. The financial institution agreed to promote 9.9% of its fairness instantly and gave an choice for TokenPay to amass as much as 90% of the financial institution after the 2 entities obtain approval from regulators.
The press launch given by TokenPay famous how German banking legal guidelines limit single entities from proudly owning over 9.9% in a financial institution with out regulatory approval. However upon approval, TokenPay intends to purchase as a lot of WEG Financial institution as it’s “entitled to buy.”
However with at this time’s announcement, it has develop into obvious that the platform additionally intends to increase an olive department to different organizations, specifically the non-profit Litecoin Basis, led by Litecoin founder Charlie Lee.
I'm excited to announce that @LTCFoundation and @TokenPay have entered right into a strategic partnership to purchase a stake in a German financial institution, WEG Financial institution AG. We plan to work on many thrilling consumer-driven crypto options. Keep tuned! 🚀
— Charlie Lee [LTC⚡] (@SatoshiLite) July 10, 2018
TokenPay has simply transferred its not too long ago acquired shares in WEG Financial institution to Lee’s basis in trade for advertising and marketing and blockchain know-how companies, which will probably be an amazing assist in TokenPay’s quickly increasing ecosystem.
The cryptocurrency funds platform wrote:
“In the present day, this 9.9% stake in WEG Financial institution was additional transacted to the advantage of Litecoin Basis in trade for a broad and complete advertising and marketing and know-how service settlement to learn TokenPay and its associated cryptocurrency and enterprise operations.”
The discharge went on to say that the collaboration will enable for the 2 organizations to assist ship “market trendy consumer-driven crypto FinTech options.”
TokenPay is within the midst of conducting a sequence of enlargement efforts, that embody growing the agency’s in-house cryptocurrency (TPAY) and upcoming decentralized exchange, opening an asset administration agency and the latest WEG Financial institution collaboration.
Moreover, the platform has hinted at using the WEG Financial institution partnership to create a cryptocurrency debit card, permitting customers to spend their cryptocurrencies in day-to-day transactions.
The Swiss-based cryptocurrency platform hopes that the Litecoin Basis’s in depth “blockchain mechanization capabilities” will probably be of nice assist in direction of the aforementioned enlargement efforts.
Lee famous how this isn’t a one-sided deal, however a symbiotic relationship, stating:
“This partnership is a big win-win for each Litecoin and TokenPay. I’m wanting ahead to integrating Litecoin with the WEG Financial institution AG and all the assorted companies it has to supply, to make it easy for anybody to purchase and use Litecoin. I’m additionally enthusiastic about Litecoin’s help in TokenPay’s eFin decentralized trade.”
Litecoin + TokenPay Partnership: Practically Three Months within the Making
The flame that began this partnership was sparked roughly three months in the past when the Litecoin founder referred to as out the Verge/Pornhub partnership, backed by TokenPay. Derek Capo, CEO of TokenPay, defended the partnership, by poking a little bit of enjoyable at Coinbase’s itemizing of Litecoin.
After some informal banter, Capo talked about that TokenPay had simply made its first transfer to amass WEG Financial institution, and requested Lee if he was focused on working collectively. Capo wrote:
“No downside, so when do you need to speak about a REAL debit card answer? We’re shopping for 9.9% of a financial institution in Munich with choice to purchase 90%. Now we have an entire ecosystem and plan in place. Let me understand how we will work collectively. The battle between previous and new world is simply getting began.”
Seeming , Lee questioned Capo additional about his concepts for a partnership, ending it off by asking the Tokenpay CEO to maneuver the dialog to a extra non-public setting.
Thanks. Let me know if there's something I or the Litecoin Basis can do to assist. Dm me.
— Charlie Lee [LTC⚡] (@SatoshiLite) April 17, 2018
This most up-to-date announcement reveals that the dialogue between the 2 organizations has come to an in depth, leading to an formidable, but promising partnership that will probably be of assist to each events.
Featured picture from Shutterstock.