The Litecoin Foundation announced that it had purchased shares of the Bank. Accordingly, the company has a total share of 9.9 percent of TokenPay. This was the compensation for the Litecoin Foundation Token Pay had helped in terms of Marketing and technology.
Litecoin now has shares in the Germany-based Bank. As can be seen from a joint press release with TokenPay, had the latter transferred the share of 9.9% of the Bank to the partners in the case of Litecoin. This happened in exchange for previous assistance on the part of the Litecoin Foundation. Apparently, the Foundation wanted to buy originally, yet more shares in the Bank, could not do this, but due to legal reasons. According to German law, is it allows any entity to acquire a larger share than 9.9 percent of a Bank – at least not without a separate license. TokenPay waiting, therefore, still to receive approval from the BaFin, in order to secure an additional 70.2 percent of the shares in the Bank.
Collaborations as a guide for the future
With the latest collaborations with the Verge and now Litecoin TokenPay promises to be important partnerships for the future. So you want to increase the number of potential customers for the coming debit cards for crypto-currencies.
According to optimistic Charlie Lee, Managing Director of the Litecoin Foundation was:
“This partnership is a huge Win-Win Situation for both the Litecoin and TokenPay. I am looking forward to integrate Litceoin with the WAY Bank AG. With all the different Service we can offer, it is easy for everyone to buy Litecoin.“
Also Matthias von Hauff of the WAY Bank AG is euphoric:
“The partnerships with innovative institutions, such as TokenPay and Litecoin is perhaps a little unexpected for a rather conservative institution like us. But we have looked at the possibilities of the future very carefully and are convinced that the future of banking makes the adaptation of such modern payment methods is essential. That is why we are proud to be the best in their field to collaborate.“