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Litecoin Teams Up with TokenPay to Purchase a Stake in a German Bank

Charlie Lee is the founder of Litecoin and he loves to break out important news over Twitter. In fact, this is exactly what Charlie Lee did today when he took to Twitter and announced that Litecoin will partner with TokenPay in order to collaborate with a German Bank. The Litecoin founder made a strategic move and today we are going to present everything there is to know about it.

TokenPay and German WEG Bank AG

For those who don’t know, TokenPay is a Switzerland-based cryptocurrency payment platform and it purchased a stake in a German Bank. The bank is called WEG Bank AG and it sold 9.9% of its company equity to TokenPay in order for the latter to acquire as much as 90% of the bank.

The interesting thing about this deal is that German banking laws don’t allow a single entity to own more than 9.9% equity in a bank and here is where Litecoin comes in. Therefore, TokenPay is teaming up with Litecoin to receive regulatory approval.

Charlie Lee Statement

“I’m excited to announce that @LTCFoundation and @TokenPay have entered into a strategic partnership to buy a stake in a German bank, WEG Bank AG. We plan to work on many exciting consumer-driver crypto solutions. Stay tuned!” said Charlie Lee over Twitter.

TokenPay Speaks Out

TokenPay has already transferred the recently acquired shares in the WEG Bank AG to the Litecoin foundation and Charlie Lee will give his marketing and blockchain technology services in exchange. Therefore, the TokenPay system will expand rapidly.

“Today, this 9.9% stake in WEG Bank was further transacted to the benefit of Litecoin Foundation in exchange for a broad and comprehensive marketing and technology service agreement to benefit TokenPay and its related cryptocurrency and business operations.”

coinmag

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.