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TokenPay Swiss AG announced yesterday its partnership with the German WEG Bank, which sees the decentralized payment platform and self-verification acquire 9.9 percent of the bank. The other 90 percent of the bank will be purchased pending mandatory regulatory approval.
In particular, TokenPay has a strategic partnership with Litecoin Foundation, which aims to be "a driving force in the creation and distribution of modern consumer-oriented FinTech cryptographic solutions on the market", allowing the former to benefit from "high-level blockchain mechanization capabilities" . "In particular, the official announcement notes:
The partnership will focus on several key areas that have been identified by analysts as critical to the success of the company. This includes, but is not limited to, the TPAY cryptocurrency and its viable blockchain, the decentralized eFin exchange (DEX) and the EFIN currency, the asset management of TokenSuisse and the structured financial products, the WEG Bank FinTech platform which includes high-demand consumer debt and TokenPay Transaction Engine multisignal designed to process fast and secure electronic encryption payments for merchants.
The ongoing purchase of WEG Bank, a strategic partnership with Litecoin and "long-standing partnership with Verge Currency" encompass all of TokenPay's efforts to add "several hundred thousand customers to its debit card solutions platform in the short term".
Commenting on the new partnership, the founder of Litecoin and the CEO of the Litecoin Foundation, Charlie Lee, said:
This partnership is a huge advantage for both Litecoin and TokenPay. I look forward to integrating Litecoin with WEG Bank AG and all the various services it offers, to make it easy for anyone to buy and use Litecoin. I am also enthusiastic about the support of Litecoin in the TokenPay eFin decentralized exchange.
Likewise, the founder and CEO of WEG Bank AG Matthias von Hauff commented:
The partnership with innovative institutions such as TokenPay and Litecoin could at first come unexpectedly to a very conservative institution like us. But we have carefully and diligently examined the prospects for a common future, and we are convinced that the future of the banking sector will make the adoption of such modern payment methods inevitable. We are therefore proud to have collaborated with the best on the field.
I always thought that if the encryption had become big enough, the banks would start to acquire exchanges, custodians, etc.
But what if it's the other way around and instead we end up buying the legacy financial system? https://t.co/YxCp4yeDpZ– Alistair Milne (@alistairmilne) 10 July 2018
The news could come as a positive development for the fans of Litecoin, which saw the CEO of LitePay Kenneth Asare close all operations related to the payment processing project and actively prepare to sell the company only a short time later. 39; initial announcement of the project.
What are your thoughts about the attempted purchase by TokenPay of WEG Bank? Let us know in the comments below!
Images courtesy of Shutterstock, Twitter.
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