TokenPay Strikes Deal With Litecoin to Buy Stake in WEG Bank

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Swiss Blockchain development company TokenPay, which recently acquired a 9.9 percent stake in Germany’s WEG Bank — with the option to buy the remaining shares — has extended this holding to the Litecoin Foundation as the two organizations embark on a strategic partnership in the area of consumer-driven crypto solutions.

Announced Tuesday in a press release, TokenPay said that, as a result of the partnership, it will benefit from Litecoin’s high-level blockchain mechanization capabilities and will focus on several key areas identified by analysts as critical to the success of the enterprise.

This includes its /TPAY cryptocurrency, its eFin decentralized exchange (DEX) and the EFIN coin. Other areas of focus will be TokenSuisse asset management and structured financial products, the WEG Bank FinTech platform (including consumer debit cards) and the TokenPay Multisignature Transaction Engine, designed for processing fast and secure crypto e-commerce payments for merchants.

Although the strategic partnership has the option to acquire the remaining shares of WEG Bank, under German banking law, no entity can own more than 9.9% of a bank without regulatory approval. TokenPay said that, as approval is granted, it intends to exercise its options to acquire the remaining shares..

With the addition of Litecoin as a strategic partner for marketing, blockchain technology, and logistics in WEG Bank and its long-standing partnership with Verge Currency, TokenPay said it conservatively anticipates adding several hundred thousand customers to its debit card solutions platform in the near term. TokenPay added that Litecoin’s technical expertise will be a major benefit to establishing comprehensive automation guidelines and standards for the bank, as it explores new market opportunities.

“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,” said Charlie Lee, Managing Director of Litecoin Foundation.

“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,” said Matthias von Hauff, Founder & CEO of WEG Bank. “We are therefore proud to have teamed up with the best in the field.”

“We are elated to be in the process of acquiring a large stake in a successful business bank based in Germany such as WEG,” said Prof. Dr. Jorg E. Wilhelm, Head of Supervisory Board of TokenPay Swiss. “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.”

About David Bentley

David Bentley is an experienced financial writer and communicator specializing in offshore financial services, hedge funds and technology.

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