Litecoin (LTC) announces strategic partnership with TokenPay to buy German bank
Read More Here: https://cryptocoinspy.com/litecoin-ltc-announces-strategic-partnership-with-tokenpay-to-buy-german-bank/
Posted: July 10, 2018
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Litecoin founder Charlie Lee has just announced that the Litecoin Foundation and crypto payment platform TokenPay have entered into a strategic partnership. As a first step they will be buying a stake in the German bank WEG Bank AG, and then will start “to work on many exciting consumer-driven crypto solutions.”
More details here in twitter:
https://twitter.com/SatoshiLite/status/1016722441018568704/photo/1
TokenPay describe the partnership as creating a “leading force in creating and delivering to the market modern consumer-driven crypto FinTech solutions.” TokenPay recently acquired 9.9% of WEG bank (the maximum ownership allowed under German law without having regulatory approval) with the option of buying the remainder when approval is achieved.
As of today, this stake “was further transacted to the benefit of Litecoin Foundation” in exchange for a “broad and comprehensive marketing and technology service agreement” which should “benefit TokenPay and its related cryptocurrency and business operations.”
According to Lee, the partnership “is a huge win-win” for both parties. TokenPay will derive benefit from Litecoin’s “high-level blockchain mechanization capabilities,” while integrating with an established bank will “make it simple for anyone to buy and use Litecoin.”