Tokenpay has collaborated with Litecoin Foundation to acquire a 9.9% stake in WEG Bank. The terms of this agreement will allow a possible purchase of 90% of the bank’s entire shares pending approval by German regulators.
In a press release yesterday 11th July, 2018, Tokenpay revealed that the deal will have the German bank provide existing and new clients with world-class technology and financial expertise which will incorporate several Blockchain platforms.
In the release, Tokenpay mentions that its own cryptocurrency TPay will be particularly central in the Bank’s operation going forward. This means that there will be a syncing of the operations of Tokenpay’s Efin Decentralized Exchange, Tokensuisse Asset Management, WEG Bank Fintech Platform and Multisignature Transaction Engine.
Charlie Lee who is Founder and Managing Director of Litecoin Foundation has been excited about the partnership since the deal was sealed. “This partnership is a huge win-win for both Litecoin and Tokenpay. I’m looking forward to integrating Litecoin with 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.”
Tokenpay’s head of supervisory board Mr. Jorg E. Wilhelm echoing Mr. Lee’s excitement and commitment said “we are elated to be in the process of acquiring a large stake in a successful business bank based in Germany as WEG. Our ecosystem consisting of 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.”
The initial 9.9% stake purchased is so because according to German banking law, no entity can own more than 9.9% stake in a bank without regulatory approval. Once the authorities approve this purchase, Tokenpay and Litecoin foundation are set to own about 90% of the WEG Bank.
WEG Bank’s CEO, Mr. Matthias von Hauff commenting about the deal said that “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.”