The Litecoin Foundation is forming a partnership with TokenPay Swiss AG- a decentralized payment platform. The partnership will transfer TokenPay’s 9.9% equity in WEG Bank AG in Germany to Litecoin, which would mean this is the world’s sixth-largest cryptocurrency by market cap as a fintech leader. This will help close the gap between the old ways of processing payments and the new digital economy.
TokenPay was originally approached back in 2017 by WEB Bank to discover ways to find solutions for the new economy and also continuing to offer traditional financial services. The banking platform was a good fit as it bridges the gap between crypto and fiats, which allows liquidity and maintains banking laws in Germany.
Litecoin creates a new addition to TokenPay for cryptocurrency in the banking arena as they’ll help drive more modern banking and payment mechanics to the platform. TokenPay will use Litecoin’s “high-level blockchain mechanization capabilities” in order to improve the performance of its blockchain, its token TPAY, and their decentralized exchange. CEO Matthias von Hauff says the following about the partnership:
“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.”
Charlee 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 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,” said Charlie Lee, Managing Director of the Litecoin Foundation.
The Litecoin-WEG Bank-TokenPay partnership shows a tie between the mainstream adoption of crypto and the demand for it while having banks join in on the fun to regulate and keep everything legal while an exchange platform is developed in accordance to the crypto. This is a huge step forward in just seeing how far crypto has developed thus far. It’s pretty impressive.
Analytical. Paranoid. OCD. Interested in the world of crypto and how it affects our current world and future. New to investing, not so new to know how crypto works and influence the world of fiat currency. Blockchain is my second wife.
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