Litecoin Foundation is a non-profit organization which supports cryptocurrency. Recently, Litecoin has acquired nearly a 10% stake in a German bank. This came about after an agreement made with TokenPay.
TokenPay is a blockchain project which uses Bitcoin technology with more advanced security and or privacy features. TokenPay’s platform combines banking with private, closed-ended exchanges. TokenPay built their own blockchain protocol along with their own TPAY token. This was in attempt for facilitate crypto-to-flat transactions. The agreement between the two was announced on Tuesday.
TokenPay has passed ownership of their 9.9% WEG Bank AG equity stake down to Litecoin Foundation. This was done in exchange for technical assistance in advancing the bank’s plans for bringing in cryptocurrency payment solutions to their customers; along with working with TokenPay on several blockchain projects.
In the release, Charlie Lee who is the managing director for the Litecoin Foundation said, “I am 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 had previously purchased their stake in the WEG Bank in May. The amount they purchased it for is currently undisclosed. They also started in the release that they recently acquired an additional 9.9% from what they had already previously purchased. They say that they also plan on purchasing the remaining shares that the bank holds, if it first gets approved by German regulators. TokenPay had previously made an announcement in May, explaining that the funds for their acquisition were from a December 2017 token sale.
WEG Bank AG is currently focussed on offering financial services to several real-estate customers. Matthias von Hauff, the bank’s chief executive and founder, said that the deal was not initially intended to come from a conservative institution. He says this only came to life after the thought of the future of cryptocurrency; it is coming to benefit several companies. “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,” says von Hauff.
