TokenPay Swiss AG announced its partnership with WEG Bank in Germany. Under the terms of the previously announced deal, TokenPay acquired 9.9% of the bank along with options to purchase approximately 90% overall of the bank pending the customary regulatory approval. As per the statement from Tokenpay
Tpay had 9.9% stake in WEGBank which was further transacted to the benefit of Litecoin Foundation in exchange for a broad, detailed and extensive marketing and technology services. An agreement that will benefit TokenPay and its related cryptocurrency and other business operations. TokenPay and Litecoin combined together to create and deliver to the market modern consumer-driven crypto FinTech solutions.
TokenPay will benefit from Litecoin’s high-level blockchain mechanization capabilities. This includes, but is not limited to, the TPAY cryptocurrency. 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. That aid in fast and secure cryptocurrency e-commerce payments for merchants.
Managing Director of Litecoin Foundation commenting on this partnership said;
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.
TokenPay Swiss AG
TokenPay Swiss AG is a blockchain development company that incorporates Bitcoin cryptographic technology with advanced security and privacy features.
The Litecoin Foundation is a Singapore-based non-profit organization created to advance Litecoin for the good of society by developing and promoting state-of-the-art blockchain technologies. Litecoin was created by Charlie Lee in 2011 as a transaction-friendly cryptocurrency.
WEG Bank AG
WEG Bank was founded in 2015 and is the second bank started by CEO Matthias von Hauff. It is a thriving, market-leading German institution known throughout the industry as a market leader in the real estate renovation and modernization projects market.