On July 10th, Founder of the 6th largest cryptocurrency, Charlie Lee announced a partnership between Litecoin and TokenPay wherein the previously acquired 9.9% of the WEG Bank by TokenPay was moved to Litecoin Foundation. In return, Litecoin Foundation will provide TokenPay with its high-tech blockchain services along with intense marketing support to back TokenPay, its operations and the native token.
About two months ago, TokenPay Swiss AG revealed a closed deal with the WEG Bank regarding its 9.9% acquisition of the bank with an eligibility to purchase an estimated 80-90% of the bank post customary regulatory approval.
Litecoin and TokenPay are aiming at the cryptocurrency FinTech sector to innovate unique and modern solutions and deploy them into the existing scenario.
TokenPay believes that this partnership will bring much evolution to their current ecosystem to propel the wheel of success. According to analysts, there are multiple key points of focus for a mutual success in this strategic deal. They are:
- The TPAY token and its native blockchain
- The EFIN token and DEX, its decentralized exchange
- Management of TokenSuisse
- Structured financial products
- High-selling consumer debit cards
- TokenPay Multisignature Transaction Engine [designed for speedy and secure e-commerce transactions via crypto]
According to a German banking law, an entity has to gain the customary regulatory approval before it can acquire more than 9.9% of a bank. For this reason, another 9.9% of WEG Bank has also been acquired by TokenPay. Post the approval, TokenPay will further formulate a plan on its entitled acquisition on the rest of the WEG shares.
TokenPay, in its Medium blog, has also mentioned that Charlie Lee will be working on the TokenPay ecosystem’s built-in features. The TokenPay development team in tune with Charlie Lee’s expertise will deploy new offerings within the ecosystem for new advancements.
The payment platform also plans to add a huge customer-base to its debit card solutions services. The combination of Litecoin’s marketing aid, blockchain technology backup, and logistics in the WEG Bank and a closely-knit relationship with Verge Currency is viable to implement the plan. For the final touch, Litecoin is also a strong tool for creating an effective automation guideline and set standards for the bank to employ, leading to fresh opportunities.
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC] Price Analysis: Coin reunites with the bull after escaping the bear trap
Bitcoin [BTC]: John McAfee predicts Bitcoin to breach the $1 million mark on 31 December, 2020
Bitcoin Cash [BCH] Price Analysis: Coin breaks resistance as bulls look to settle down
Bitcoin SV [BSV] Price Analysis: Coin ready for a bull run as markets move steadily
Litecoin [LTC] Price Analysis: Bulls set to take charge as coin recovers from earlier losses
Bitcoin [BTC] developer Jimmy Song lists 3 reasons why Bitcoin SV [BSV] is a “scam”
Bitcoin [BTC] among cryptocurrencies enabled by new debit card launched by Australian Crypto exchange
Bitcoin [BTC]: Mt Gox redemption plan demonstrates the power of open source network, says Brock Pierce
Nouriel Roubini says JP Morgan’s cryptocurrency JPM Coin is a joke; compares it to XRP
A New Generation of Crypto-Exchange: ALL IN ONE Crypto-Exchange
Ethereum [ETH] dApp users drop as EOS and Tron dominate the market
Bitcoin [BTC] Futures by the Chicago Mercantile Exchange Group reaches an all-time high in Q1 of 2019
- Bitcoin Cash
Bitcoin Cash [BCH] support rolled out by Coinbase custodial wallet app
EOS and Litecoin [LTC] lead the charge as the cryptocurrency market continues to rise