TokenPay has been the most ambitious project in the cryptocurrency market with a vision to bridge the gap between the traditional financial sector and the virtual currency world. Recently, TokenPay announced a groundbreaking partnership with a bank in Germany referred to as WEG Bank. The previous terms stated that TokenPay had purchased a 9.9% stake in the bank. Furthermore, the crypto company was given an option to purchase 90% of the bank after approval from the regulatory authorities.
In line with this, TokenPay has announced a partnership with Litecoin Foundation, besides the 9.9% stake was extended to the benefit of the Foundation. In return, Litecoin will broaden marketing and technology to benefit TokenPay as well as the cryptocurrency services that come by default. The partnership has been seen as strategic and will spearhead the delivery of modern consumer digital Fintech solutions to the consumers across the world. The announcement states that 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.”
Significantly, TokenPay has increased its stake in WEG bank after purchasing an additional 9.9%. However, it is vital to be aware that, in Germany, an entity has to get approval to own over 9.9% of a bank. Essentially TokenPay hopes that it can buy the rest of the stake in German bank following approval by the regulatory authorities.
Verge (XVG) was among the first to congratulate the two companies for the partnership. Verge is a cryptocurrency that is based on security, anonymity and ensuring the privacy of user transactions in the industry. It was developed to improve on the Bitcoin blockchain while at the same time, striving to achieve the original purpose Bitcoin was created for. The website states that Verge is “bringing blockchain into everyday life.” Verge and TokenPay announced a partnership not too long ago that will see the introduction of Verge debit cards. Therefore, the strategic partnership with Litecoin brings the platform closer to the reality of rolling out debit cards with the support of a bank. The Verge team had this to say about the partnership:
“We would like to congratulate our partners @tokenpay for their historic partnership with LTC Foundation. That being said this brings us one step closer to #XVG debit cards.”
The partnership is also a big win for Litecoin foundation which also has the vision to penetrate the mainstream payment systems. This year saw LitePay collapse shortly after launch, but it is amazing to see the company stating focused and striving to become the preferred payment system. Litecoin founder and Managing Director, Charlie Lee commented on the partnership:
“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.”