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Since the sphere of cryptocurrency was met with the news of the partnership between Litecoin Foundation, TokenPay and Verge (XVG), the idea of joining together was one of the most controversial news to emerge in the world of cryptocurrencies.
The collaboration managed to attract the attention of one of the most famous cryptocurrency and bitcoin activists, Tone Vays. In his usual style, Tone brought on Twitter handle the news, tweet and express his disapproval as he criticizes the creators of the three cryptocurrencies for allowing such a move to occur.
In retaliation for Tone's attacks, Charlie Lee, MD and founder of Litecoin (LTC) published his clarification on Reddit on 17th July regarding the partnership. The CEO of Litecoin started by explaining the differences between Litecoin as a currency and Litecoin as a company.
In his observations, he claimed that Litecoin as a blockchain and crypto network is a decentralized network, while the Litecoin Foundation as a company is a centralized non-profit institution whose goal is to ensure that Litecoin (LTC) is developed, adopted and used . Charlie also mentioned that Litecoin's cryptocurrency and blockchain technologies did not require his direct services at the time, so his concentration on Litecoin Foundation.
Charlie Lee made his comment known by saying:
"If Litecoin Foundation (LF) is exposed to not doing a good job, nothing should prevent another organization from intervening and doing a better job.This is the exact situation we are in, like last year when the Litecoin Foundation arrived on the spot after it was discovered that the Litecoin Association was not doing a good job ".
In addition, Charlie clarified that when traders and investors invest in Litecoin by purchasing LTC, the amount received is not intended to finance the Litecoin Foundation as the foundation is structured so as to work for free to help investors profit from their investments.
In their response, TokenPay describes their collaboration with Litecoin as the development of a dominant force in the construction and distribution of the current consumer-oriented FinTech solutions to the cryptocurrency market.
Recently, TokenPay reached the headlines with the news of its acquisition of 9.9% of the WEG bank, the highest percentage of properties allowed in Germany without regulatory approval. Entities can go on and acquire the rest when they get formal approval from the relevant regulatory bodies.
According to Charlie, the collaboration between the crypto players is a huge win-win situation for all the parties involved as others have the opportunity to benefit from Litecoin's advanced blockchain mechanization capabilities. Litecoin has the ability to benefit from the connections of TokenPay with a consolidated German bank which is sure that it will facilitate the purchase and trading of potential customers by LTC.
Verge (XVG): the important missing link
Previously TokenPay was already in agreement with Verge criptovaluta (XVG), and it seems that Litecoin's criticism of Verge's PornHub was probably the original driving force that brought TokenPay and Litecoin into discussions. It was the back and forth between the cryptocurrencies that led them to come together to create an undisputed team.
If the partnership between the three cryptocurrencies maintains and resists the pressures of the division, it will be able to build and implement cryptographic solutions able to compete with other innovative solutions such as debit cards and merchant processing.
The trio increases the chances of success and is accepted by major companies in the current financial environment such as SWIFT and Visa. They also have the possibility of financially benefiting from their participation in the German bank.
However, a disadvantage of the tri-partnership offers to the criptos is damaging their reputation and image in the event that their agreement fails.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Rawpixel / PixaBay
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