Crypto

Why is the Founder of Litecoin Buying the Bank's Feet? Does this have the potential to end badly?

One of the most unusual and lethal moves in the world of crypto money actually began in social media.

Litecoin founder Charlie Lee, April ] TokenPay 's CEO was shooting lightly with Derek Capo . However, these stunts turned into an amicable DM communication and they both realized that they had a common problem: banking.

The Litecoin Foundation and Capo, which marketed the sixth crypto currency according to the market volume,

Capo:

"Some banks are using crypto for any kind of problem, they even close their bank accounts even when they smell something interesting.

However, Capo was trying to create a solution for TokenPay by trying to buy a bank.

Capo said to Lee:

"Why do not we talk about producing a kind of litecoin debit card? So you get a real solution too?

Here are the Singapore originating Litecoin Foundation, as far as the German German It was the start of WEG Bank AG to acquire a 9.9% stake.

 charlie lee litecoin

What is interesting, however, is that the money is not in their pocket . TokenPay has bought the share before and handed it over to Litecoin in the future for technical support provided by Litecoin. TokenPay later bought a share of 9.9% from WEG (the largest rate approved by Germany without regulatory approval) and began to wait for approval to buy up to 80% of shares (price not shared)

If everything goes as planned, not only will TokenPay and the Litecoin Foundation have a reliable banking partner, but will also be a worldwide solution for all those who want to pay for services or products with cryptography or get cryptographic money with nominal money [19659017] However, according to experts who have worked in both fields, buying only banks alone will not solve all of the banking problems of crypto.

Road Map

Capo and Lee, unconventional regulators, are facing a new crypto banking service, which is not regulated by regulators, even if the regulators approve the purchase of all of them, and Capo and Lee "koin"

While the transactions made from crypto money to crypto money are not troublesome, trading in money or money from euros or euros can sometimes cause trouble.

Most of the shops accepting crypto are aware of the volatility of the price, and usually do not have the money to pay for it. They are using services like BitPay to convert.

That's why Capo wants to produce a crypto debit card and convert litecoin directly into a euro bank account with a traditional bank account.

Lee, who says he wants to join the WEG management board as a representative of the Litecoin Foundation, says:

"Crypto currencies

Lee's involvement in the board of directors will make him the first person in the world to have both the title of "crypto currency founder" and "bank manager."

"Banks are crypto projects

After resolving his problems with the debit card and payment transaction, Capo and Lee plan to integrate banking services directly into TokenPay's centralized stock exchange platform eFin .

If traders are able to fulfill all Customer Identification and Money Laundering requirements for a crypto bank account, TokenPay, known as TPay is the sole trader they can turn the token into a nominal currency without any trouble from the stock market. In addition, they will be able to buy or sell crypto currencies like Litecoin without any delay.

Lee says about the issue:

"eFin will have LTC. We will help them technically.

In addition to the promising technical expertise and the partially stable popularity among Litecoin's crypto-money users, Capo has also made a number of Lee's massive online follow-ups, marketing expertise, and professionalism in the banking world.

Capo:

"Litecoin has a really effective lead in the long-running market.

Road Long and Disillusioned

Even if Capo and Lee access the banking license, there is no guarantee that they will have unlimited liquidity.

WEG, located in the town of Ottobrunn with a population of 21,378 an institution that gives loans on real estate. Matthias von Hauff 's plan changed to serve as Retail Banking and provide more customer – focused products and services after TokenPay' s large – scale purchase of bank equity.

However, F Fintech consultancy firm 11: Founding partner of FS S imon Taylor, was a small consultant firm of Barclays b he thinks that the institution may have relied heavily on an external institution, a larger bank, the German Central Bank or the SWIFT institution, so that the institution can transfer the nominal currency around the world at a high rate.

Taylor says:

"Those who tied you to the US dollar corridor were really, really, really, they are big banks and exactly these banks are being punished for the Customer Diagnosis punishment. "

" I think Capo and Lee will not have access to whatever they want. I am attracted to buying a bank in the meantime. But buying a bank does not give you what you think it is. "

BitAML Inc. Joe Ciccolo, thinks regulators will likely take extra precautions and measures if WEG is a crypto-focused bank.

"By working alone and with a very widespread mass of products Applying money laundering prevention criteria is very difficult to get started.

The idea of ​​integrating a decentralized exchange into a traditional bank created a small shock to Ciccolo. Ciccolo thinks that decentralized stock exchanges have been "the biggest trouble" for regulators who have been trying to understand and accept Bitcoin for years. Ciccolo notes that if Capo and Lee plan to achieve this, they must make a serious investment in educating regulators as well as constantly communicating with larger banks to achieve this.

Capo, aware of difficulties,

"There is infrastructure, we need to modify this for crypto-focused services only."