Litecoin Foundation buys into bank in crypto partnership

Crypto-to-fiat payments firm,TokenPay, has passed ownership of the 9.9% of equity in WEG Bank to Litecoin Foundation. The latter will in turn provide its technology and marketing expertise to TokenPay and its several blockchain initiatives. The venture purchased the 9.9% stake for an undisclosed amount in May and has also just acquired an additional 9.9%. It eventually plans to exercise its option to purchase the remaining shares of the bank if approved by German regulators.

Charlie Lee, Managing Director of the Litecoin Foundation, says: “This partnership is a huge win-win for both Litecoin and TokenPay. I’m looking forward to integrating Litecoin with the WEG Bank 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 decentralised exchange.”

Matthias von Hauff, Founder and CEO of WEG Bank, comments: “The partnership with innovative institutions such as TokenPay and Litecoin might at first come unexpectedly for a very conservative institution like us. 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. We are therefore proud to have teamed up with the best in the field.”