Litecoin, TokenPay partnership link old with new
Litecoin is leveraging its recent 9.9% stake in WEG Bank in a link up with TokenPay offering customers modern crypto FinTech solutions through a new strategic partnership.
TokenPay which recently acquired the 9.9% stake in WEG Bank has now transacted the stake to the Litecoin Foundation, according to a release by the blockchain company on Tuesday 10 July, “in exchange for a broad and comprehensive marketing and technology service agreement to benefit and its related cryptocurrency and business operations”.
TokenPay will bring Litecoin’s technical expertise and high-level blockchain mechanization capabilities to the bank, adding to comprehensive automation guidelines and standards employed by the bank and will focus on among other areas:
- TPAY cryptocurrency and its vital blockchain
- eFin decentralized exchange (DEX) and the EFIN coin
- TokenSuisse asset management and structured financial products
- WEG Bank FinTech platform including high demand consumer debit cards
- TokenPay Multisignature Transaction Engine designed for processing fast and secure crypto e-commerce payments for merchants
Shaking up old with new
The linkup between the stakeholders is seen as a bridge between traditional and modern banking according to Dr Jorg Wilhelm, head of the supervisory board of TokenPay Swiss AG and said, “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.”
TokenPay acquired not only 9.9% of WEG but also options to purchase approximately 90% overall of the bank pending the customary regulatory approval. TokenPay says it “conservatively anticipates adding several hundred thousand customers to its debit card solutions platform in the near term.”
Charlie Lee, Managing Director of the Litecoin Foundation, stated, “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.”
On crypto exchanges, litecoin tokens overturned early losses following the news to stand out as a winner on a down day for most of its rivals, climbing 2.8% to $78.40.