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Collaboration between Litecoin and TokenPay
Editorial Team

According to a tweet from Charlie Lee, the founder of Litecoin, the partnership between Litecoin and TokenPay will conclude to collaboration with a German bank.

TokenPay, a Switzerland-based cryptocurrency platform, announced recently that it would be securing a deal with the private owned WEG Bank in Germany. According to a newsbtc.com publication, 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 regulators’ approval.

TokenPay gave a press release that noted how German banking laws restrict single entities from owning over 9.9% in a bank without regulatory approval. But given the approval, the platform is willing to purchase as much of WEG Bank as it is “entitled to purchase.”

However, the yesterday’s announcement, it became apparent that the platform also intends to extend to other branches such as the non-profit Litecoin Foundation led by Litecoin founder Charlie Lee.

TokenPay has transferred its recently acquired shares in WEG Bank to Lee’s foundation in exchange for marketing and Blockchain technology services that will be helpful in the platform’s rapidly expanding ecosystem

The cryptocurrency payments platform wrote:

“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.”

The release went on to mention that the collaboration will allow for the two organizations to help deliver “market modern consumer-driven crypto FinTech solutions.”

TokenPay is in the middle of a series of expansion efforts, including the development of firm’s in-house cryptocurrency (TRAY) and upcoming decentralized exchange, opening an asset management firm and the most recent WEG Bank collaboration.

Moreover, TokenPay has hinted at utilizing the WEG Bank partnership to develop a crypto debit card, letting users spend their cryptos in day-to-day transactions.

According to newsbtc.com, the Swiss-based cryptocurrency platform hopes that the Litecoin Foundation’s extensive “Blockchain mechanization capabilities” will be of great help towards the aforementioned expansion efforts.

Lee noted how this is not a one-sided deal, but a symbiotic relationship, stating:

“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.”

The rumors around this partnership started approximately 3 months ago when the Litecoin founder called out the Verge/Pornhub partnership backed by TokenPay. Derek Capo, CEO of the platform defended the partnership by poking a bit of fun at Coinbase’s listing of Litecoin.

Capo wrote:

“No problem, so when do you want to talk about a REAL debit card solution? We are buying 9.9% of a bank in Munich with an option to buy 90%. We have a whole ecosystem and plan in place. Let me know how we can work together. The battle between old and new world is just getting started.”

Interestingly, Lee questioned Capo further about his idea for a partnership writing:

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