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Litecoin Foundation and Tokenpay Acquire Stake in German Bank

Tokenpay Swiss AG has officially confirmed that it has acquired a 9.9 percent stake in WEG Bank AG in partnership with the Litecoin Foundation. The terms of the agreement will also include options to purchase approximately 90% overall of the bank, pending the customary regulatory approval. Also Read: Stiglitz Predicts Cryptocurrencies Will Be “Regulated Into Oblivion”

Litecoin Foundation and Tokenpay Acquire 10% of German Bank

Tokenpay has revealed that a strategic partnership between it and the Litecoin Foundation has seen the entities acquire an approximately 10% stake in the German financial institution WEG Bank. According to a press release published by Tokenpay, the deal will see WEG Bank “Provide its world-class technology and marketing expertise to Tokenpay and its several blockchain initiatives,” specifically citing Tpay Cryptocurrency, Efin Decentralized Exchange, Tokensuisse Asset Management, WEG Bank Fintech Platform, and Multisignature Transaction Engine. The managing director of the Litecoin Foundation, Charlie Lee, praised the partnership, stating: “This partnership is a huge win-win for both Litecoin and Tokenpay. 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. I’m also excited about Litecoin’s support in Tokenpay’s Efin decentralized exchange.” Mr. Jorg E. Wilhelm, the head of the supervisory board of Tokenpay Swiss AG., stated: “We are elated to be in the process of acquiring a large stake in a successful business bank based in Germany such as WEG. Our ecosystem consisting of the Tpay blockchain, WEG Bank, Tokensuisse and Litecoin Foundation provides us with a tremendous opportunity regarding merchant solutions, along with a strong and diverse customer base for our crypto debit card business. The tangible reality of bridging the gap between the old and new world is electrifying.”

Deal May See Acquisition of 90% of WEG

Litecoin Foundation and Tokenpay Acquire Stake in German BankThe terms of the agreement will also include “options to purchase approximately 90% overall of the bank pending the customary regulatory approval.” The release adds that “under German banking law no entity can own more than 9.9% of a bank without regulatory approval.” Tokenpay “plans to exercise its options to acquire the remaining shares of WEG Bank it is entitled to purchase” should approval for such be granted. Matthias von Hauff, founder, and CEO of WEG Bank AG stated: “The partnership with innovative institutions such as Tokenpay and Litecoin might at first come unexpectedly for a very conservative institution like us. But 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. We are therefore proud to have teamed up with the best in the field.” What is your reaction to the acquisition of 9.9% of WEG Bank by the Litecoin Foundation and Tokenpay? Join the discussion in the comments section below!
Images courtesy of Shutterstock, Tokenpay, www.weg-bank.de
At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Litecoin Foundation and Tokenpay Acquire Stake in German Bank appeared first on Bitcoin News.

Iran Considers Using Cryptocurrencies to Evade US Sanctions
Iran Considers Using Cryptocurrencies to Evade US Sanctions

Iran may employ cryptocurrencies as part of its efforts to circumvent the upcoming US sanctions, according to a high-ranking Iranian lawmaker who said the matter will be discussed in parliament soon. The Iranian MP also believes that digital money can help with overcoming the hegemony of the US doll...

17.07.2018, 03:55Read more
P2P Markets Report: Latin American and Hungarian Volume Surges
P2P Markets Report: Latin American and Hungarian Volume Surges

Latin American peer-to-peer (P2P) markets have seen an influx of volume in recent weeks, with the Localbitcoins markets of Argentina, Brazil, and Venezuela posting significant spikes in volume. In other news pertaining to international P2P markets, the Hungarian Localbitcoins markets produced near-r...

17.07.2018, 01:55Read more
G20 Watchdog Unveils Framework to Monitor Crypto
G20 Watchdog Unveils Framework to Monitor Crypto

A framework has been developed for the G20 countries to “monitor the financial stability implications of crypto-assets markets.” The Financial Stability Board says cryptocurrencies “do not pose a material risk to global financial stability” but supports their “vigilant monitoring.” Also read: Yahoo!...

16.07.2018, 23:55Read more
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