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Litecoin [LTC]’s Charlie Lee to back TokenPay in exchange for WEG Bank acquisition

Priyamvada Singh

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Litecoin [LTC]'s Charlie Lee to back TokenPay in exchange for WEG Bank acquisition
Source: Pixabay

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.

Charlie Lee's recent tweet | Source: Twitter

Charlie Lee’s recent tweet | Source: Twitter

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.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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on

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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