Payment system TokenPay, which provides services for the reception and conversion of payments in cryptocurrency, announced the conclusion of a partnership with the Litecoin Foundation, the purpose of which is the acquisition of the German bank WEG Bank AG.
At the moment, TokenPay has already acquired 9.9% of the bank’s shares, planning to soon become the controlling shareholder as soon as the German financial regulator approves the deal. The Litecoin Foundation, for its part, sees great prospects in this project and, in exchange for a share, will provide it with its innovative blockchain solutions and technical expertise.
In an official press release published on the TokenPay website, it is reported that the new partnership will strengthen the positions both companies in the consumer market:
“Thanks to this partnership, TokenPay and Litecoin will together take the leading positions among the developers and suppliers of the latest customer-oriented fintech solutions for the market.”
Both companies plan to reach a higher level of activity in this way, adding new commercial solutions and expanding the client base to launch a business with a debit card. Charlie Lee, head of the Litecoin Foundation, considers this partnership mutually beneficial. He looks forward to the opportunity to integrate lightbox into WEG Bank AG systems and the banking services offered to them.
Recall, in April, Litecoin Foundation signed a partnership with the company TenX, within which was issued a debit payment card TenX for LTC.