Litecoin Foundation Acquires 9.9% Stake In Germany’s WEG Bank

Announcements, News | July 11, 2018 By:

Litecoin Foundation has acquired a near 10 percent stake in German WEG Bank as part of a strategic partnership with TokenPay, a crypto-to-fiat payments firm.

In May of this year, TokenPay acquired 9.9 percent stake in WEG Bank. TokenPay has now passed ownership of the equity to Litecoin Foundation in exchange for a broad and comprehensive marketing and technology services. The partnership will focus on several areas, including the TPAY cryptocurrency and its vital blockchain, eFin decentralized exchange (DEX) and the EFIN coin, TokenSuisse asset management and structured financial products, and the TokenPay Multisignature Transaction Engine.

WEG Bank focuses on offering financial services to real-estate customers. The two companies said they plan to create a new division that will enable consumers and merchants to integrate blockchain technology and services.

“This partnership is a huge win-win for both Litecoin and TokenPay,” said Charlie Lee, Managing Director of the Litecoin Foundation. “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.”

TokenPay also announced that it has acquired an additional 9.9 percent of WEG Bank in compliance with the German banking law, which requires that no entity can own more than 9.9 percent of a bank without regulatory approval. Once approved, TokenPay plans to purchase the rest of the bank’s shares and use its network to add several hundred thousand customers to its new debit card solutions platform by the end of the year.

“The partnership with innovative institutions such as TokenPay and Litecoin might at first come unexpectedly for a very conservative institution like us,” said Matthias von Hauff, founder and CEO of WEG Bank. “But we have thoroughly and diligently examined the prospects of a common future, and we became convinced that the future of banking will make adoption of such modern payment methods inevitable.”