TokenPay, a blockchain project that incorporates Bitcoin cryptographic technology with advanced security and privacy features, announced this week it partnered with the Litecoin Foundation to purchase a 9.9% stake in WEG Bank, which is based in Germany. According to TokenPay, the 9.9% stake was transacted in exchanged for a “broad and comprehensive marketing and technology service agreement that will benefit TokenPay and its related cryptocurrency and business operations.
“Specifically, TokenPay will directly benefit from Litecoin’s high-level blockchain mechanization capabilities. The partnership will focus on several key areas that have been identified by analysts as critical to the success of the enterprise. This includes, but is not limited to, the TPAY cryptocurrency and its vital blockchain, eFin decentralized exchange (DEX) and the EFIN coin, TokenSuisse asset management and structured financial products, WEG Bank FinTech platform including high demand consumer debit cards and the TokenPay Multisignature Transaction Engine designed for processing fast and secure crypto e-commerce payments for merchants.”
TokenPay also revealed it has acquired an additional 9.9% of WEG Bank. It is essential to understand that under German banking law no entity can own more than 9.9% of a bank without regulatory approval. The firm noted that upon the granting of the approval, it plans to exercise its options to acquire the remaining shares of WEG Bank it is entitled to purchase. TokenPay added:
“With the prominent addition of Litecoin as a strategic marketing, blockchain technology, and logistics partner in WEG Bank and its long-standing partnership with Verge Currency, TokenPay conservatively anticipates adding several hundred thousand customers to its debit card solutions platform in the near term. Accordingly, the technical expertise provided by Litecoin will be a tremendous benefit to the establishment of comprehensive automation guidelines and standards employed by the bank as it explores new market opportunities.”