TokenPay and Litecoin (LTC) have announced a crypto strategic partnership. Apart from this, Litecoin Foundation has also acquired a stake of 9.9 percent in WEG Bank of Germany.
In the said partnership, Litecoin Foundation has agreed to provide its comprehensive and broad marketing expertise along with world-class elite technology to TokenPay. The technology and marketing expertise will not only be provided to them but also many of its blockchain initiatives which include WEG Bank FinTech Platform, TokenSuisse Asset Management, TPAY cryptocurrency, eFin Decentralized Exchange (DEX) and Multisignature Transaction Engine.
TokenPay Swiss AG had joined with WEG Bank in Germany in May 2018. They had attained a 9.9% stake in WEG Bank, as well as the option to purchase as much as 90 percent, pending regulatory approval. Now, yesterday on 10th July 2018, the 9.9 percent stake of the company has been transferred to the Litecoin Foundation in a swap of marketing and technology service agreement that could highly benefit TokenPay.
The announcement was made via Twitter:
#Litecoin Collaborates with #TokenPay Payment Platform in Strategic Partnership⚡️”This most recent announcement shows that the discussion between the two organizations has come to a close, resulting in an ambitious, yet promising partnership.” 👉 https://t.co/IPmcNSvGue #TPAY pic.twitter.com/0cmJCtjViq
— TokenPay (@tokenpay) July 10, 2018
According to the current laws of Germany, a business cannot own more than 9.9 percent stake of any bank without any legislative support. After earning the approval it needs, TokenPay plans to purchase the rest of the shares of WEG Bank. It will then use its network to add many more customers to its debit card solutions platform by the end of 2018.
The company will benefit a lot form this partnership as it could leverage the high-level blockchain mechanization capabilities of Litecoin. The partnership will focus on areas recognised as critical for the success of the company which includes all the blockchain initiatives of TokenPay.
The technical expertise of Litecoin will help the company to establish comprehensive automotive guidelines and standards to explore new market opportunities.
Managing Director of the Litecoin Foundation, Charlie Lee, said,
“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.”
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