Litecoin founder Charlie confirmed over Twitter on Tuesday, that the Litecoin Foundation and decentralized payment platform TokenPay have joined forces to acquire a stake in the German-based WEG Bank AG. “We plan to work on many exciting consumer-driven crypto solutions,” Lee’s tweet said. Among other things, the two firms will work together to provide crypto debit card solutions and facilitate conversations with government regulators.
I’m excited to announce that @LTCFoundation and @TokenPay have entered into a strategic partnership to buy a stake in a German bank, WEG Bank AG. We plan to work on many exciting consumer-driven crypto solutions. Stay tuned! ?
— Charlie Lee [LTC⚡] (@SatoshiLite) July 10, 2018
An official announcement about the details of the partnership said that “TokenPay acquired 9.9% of the bank along with options to purchase approximately 90% overall of the bank pending the customary regulatory approval.”
A Mutually Beneficial Relationship
TokenPay’s acquisition was then “further transacted” in an official deal with the Litecoin Foundation in exchange for “a broad and comprehensive marketing and technology [services]” from Litecoin, including Litecoin’s “high-level blockchain mechanization capabilities.”
Charlie Lee said that “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.”
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“I’m also excited about Litecoin’s support in TokenPay’s eFin decentralized exchange,” he added. eFin, “a secure, decentralized, private, unhackable, non-custodial exchange hub of the TokenPay ecosystem,” was also announced yesterday.
Plans Originally Began to Develop in April
Lee originally told Finance Magnates that the two organizations were “exploring” entering into such a partnership in late April of this year. Talks about the partnership originally began on Twitter around the same time, when a public conversation about Verge’s new partnership with PornHub ended with TokenPay inviting Litecoin to the bank, and Lee offering an invitation for TokenPay’s CEO, Derek Capo, to ‘DM’ him.
Thanks. Let me know if there’s anything I or the Litecoin Foundation can do to help. Dm me.
— Charlie Lee [LTC⚡] (@SatoshiLite) April 17, 2018
The same day, it was confirmed that Lee and Capo had signed an NDA to continue their discussions. Now, the seeds planted in that initial conversation have come to fruition.
“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,’ said Dr. Jorg E. Wilhelm, head of the supervisory board of TokenPay Swiss AG. “The tangible reality of bridging the gap between the old and new world is electrifying.”
Finance Magnates hosted Charlie Lee as a guest on the Finance Magnates Blockchain Podcast in May. To hear that interview, please click here.