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.