Litecoin and TokenPay have entered a strategic partnership to buy a stake in German bank, WEG Bank AG. TokenPay,a decentralized, self-verifying payment platform, acquired shares in WEG Bank and is offering the Litecoin foundation 9.9% stake in exchange for marketing and blockchain technology services.
With TokenPay’s recent acquirement of shares of the privately owned WEG Bank, the bank agreed to sell 9.9% of its equity immediately and gave an option for TokenPay to acquire up to 90% of the bank after the two entities receive approval from regulators. German banking laws restrict single entities from owning over 9.9% in a bank without regulatory approval. But upon approval, TokenPay intends to buy as much of WEG Bank as it is “entitled to purchase.”
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
“Today, this 9.9% stake in WEG Bank was further transacted to the benefit of Litecoin Foundation in exchange for a broad and comprehensive marketing and technology service agreement to benefit TokenPay and its related cryptocurrency and business operations.”
TokenPay has stated the collaboration will allow the two entities to help deliver market modern consumer-driven crypto fintech solutions. TokenPay recently made headlines when it was announced they would cover the majority of donations for the mysterious Verge partnership, which ended up being with PornHub. TokenPay donated 66,500,000 XVG out of the 75,000,000 XVG goal allowing the Verge/Pornhub partnership to come to fruition.
We contributed 66,500,000 $XVG to the #VERGE fundraising so we can reach the goal. #VergeFam and #TokenPay are strong partners and we look forward to announcing many $TPAY integrations with @vergecurrency. Special thanks to @binance, @cz_binance & @Teddy_Lin for amazing support.
— TokenPay (@tokenpay) March 27, 2018