Litecoin Foundation has Acquired Ten Percent Stake in a German Bank

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According to the announcement, The deal comes after the agreement with TokenPay ( a crypto-to-fiat payments firm)

TokenPay has got the ownership of the 9.9 percent of the equity in WEG Bank AG to Litecoin Foundation in exchange for the latter’s technical assistance in advancing the bank’s plan to make cryptocurrency payment solutions ease to the customers and working with TokenPay on its various blockchain projects.

Charlie Lee, managing director of the Litecoin Foundation, told:

“I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin.”

TokenPay bought the stake in WEG Bank for an unrevealed amount in May and told in the release that it also had received an additional 9.9 percent. The company has planned to execute its opportunity of buying the remaining shares of the bank if the German regulators approve it.

TokenPay previously announced in May that the funds for the purchase were obtained from a token sale conducted in December 2017.

Back in 2015, TokenPay developed its blockchain protocol and local TPAY token to help scalable crypto-to-fiat transactions.

WEG Bank focuses explicitly on offering financial services for the real-estate customers. The bank’s founder and chief executive, Matthias von Hauff, told the deal wasn’t formerly unexpected for a “very conservative” institution like itself, and only came about after much thought about the future of cryptocurrency.

Von Hauff explained:

“We have thoroughly and diligently examined the prospects of a common future, and we became convinced that the future of banking will make adoption of such modern payment methods inevitable.”

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.