In the last week, the Litecoin Foundation acquired 9.9 percent of the shares of the Germany-based Bank. The Deal was part of a broader partnership with the TokenPay Swiss AG. Now Litecoin-founder Charlie Lee takes the floor and gives insights into the partnership with the Swiss company.
Last week, BTC-ECHO reported the Acquisition of 9.9 percent of the shares of the Bank by the Litecoin Foundation. The Swiss company TokenPay Swiss AG played a mediating role. So TokenPay initially acquired the said 9.9 percent of the Germany-based Bank and gave them to the Litecoin Foundation. In return, the Litecoin Foundation Token Pay with Expertise in Blockchain-logistics and Marketing had supplied.
In a Reddit Post by Charlie Lee, the founder of the crypto currency, Litecoin and Managing Director of the Litecoin Foundation was, well, a few information about the partnership between Litecoin and TokenPay. On Twitter, he wrote, was clarification of the events of the last few days.
I posted some clarifications on the @LTCFoundation and @tokenpay partnership on reddit. Sorry for the wall of text! If you have any questions, please ask on reddit. https://t.co/8HSLAA4P36 pic.twitter.com/Sc6iuWEUbk
— Charlie Lee [LTC⚡] (@Satoshi Lite) July 17, 2018
Litecoin and the Litecoin Foundation is not the same
First of all, Lee explained the differences between the crypto currency, Litecoin and the Litecoin Foundation. So the Litecoin Foundation is a centralized Non-Profit organization. You have to promote, the decentralised crypto currency, Litecoin and to help you in addition to the application. In addition, there were no Connections between the two parties. Litecoin does not depend on the Litecoin Foundation, and the Litecoin Foundation benefit equally from investments in the crypto-currency.
This distinction brings back memories of the creators of Ripple, do not miss any opportunity to explain the differences between Ripple and XRP. In the case of Litecoin, the distinction is much clearer. While the company Ripple uses the XRP is active in its business model, and in addition, 55 of the 61 million XRP holds the Token in a Escrow, the Litecoin Foundation is more of a service provider for the LTC.
What does the partnership with TokenPay?
First of all, the Deal of the Litecoin Foundation brings a share of 9.9 per cent on the WAY to the Bank. For this share of the Litecoin Foundation have paid no money, as Lee clearly States. Instead, the Litecoin Foundation was given to the participation of the TokenPay Swiss AG in the framework of the partnership. Personal goal from Charlie Lee, it is now to gain a seat in the Supervisory Board of the Bank.
Lee is more or less openly that the goal of the partnership for the Litecoin Foundation of the acquisition of shares in the Bank. In the ideal case, the Foundation would like to offer solutions such as crypto debit cards with Visa or SWIFT compete. Overall, it is hoped, to the crypto-adaptation with a seat at the Bank more effectively.
On the other hand, the TokenPay Swiss AG, was rewarded for its role in the acquisition of the shares of the Bank with the Blockchain Expertise of the Litecoin Foundation. So the Litecoin Foundation TokenPay helped with the technical work and assisted in the Marketing of TokenPay in the construction of the decentralized Exchange eFin.