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The founder of Litecoin Charlie Lee published today on Reddit, 17 July, to clarify his position within the Litecoin Foundation and the future of the Foundation following the acquisition of an interest in the German bank WEG Bank AG . In his post, Lee mentioned the bank's ability to offer cryptographic services.
Last week, the Litecoin Foundation acquired a 9.9% stake in WEG Bank through a new strategic partnership with TokenPay, a payment company with paid encryption. In return for providing its expertise in blockchain, logistics and marketing to the cryptographic and business operations of TokenPay, Litecoin received the last share of 9.9 percent of TokenPay in WEG.
In his post on Tuesday, Lee tried to "clarify some things about recent events", providing some details about the acquisition of the bank and stating that the Foundation "did not pay money for this participation in the bank". Lee added that he expects to receive a board position at the bank. Regarding the possible expansion of cryptographic services, the founder of Litecoin commented:
"The best case is that with this bank we are able to create and provide cryptographic solutions such as debit cards, merchant processing and other innovative solutions, but even with an interest and an influence on the bank, it is not guaranteed that Successful people have raised valid concerns that we still have to work with and be endorsed by players in current financial systems like Visa and SWIFT, but we certainly have more chances of success now that we have a stake in a bank with bank licenses. "
Lee said that with a seat on the bank's board, he will be able to positively influence the further adoption of cryptocurrencies in the bank's operations. He added that even if they are unable to work with the bank to promote cryptographic services, the Litecoin Foundation will benefit financially from their participation.
While Lee criticized the ICOs in his post "because some of them are final scams and most of them are set to fail", he praised TokenPay for the sale of TPAY tokens, saying that "they did not run away with their funds" and the leadership of TokenPay is legitimately interested in a more encrypted adoption. Lee stated that, for the sake of transparency, neither he nor the Litecoin Foundation own or plan to own TPAY tokens. Lee is the CEO of Litecoin Foundation.
At press time, Litecoin (LTC) is riding a positive wave in the encrypted markets, trading at $ 90.37, up 18.03% over the last seven days.
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