The Litecoin Foundation, a nonprofit organization based in CoinDesk, has acquired a 10 percent stake in a German bank as a result of an agreement with TokenPay.
TokenPay, a Switzerland-based cryptographic payment platform, , 9.9 percent of WEG Bank AG's shares were transferred to the Litecoin Foundation for technical support for the bank offering cryptographic payment solutions to customers and developing plans to work with TokenPay on various Blockchain projects.
Charlie Lee, managing director of Litecoin Foundation, "
" In order to make it easier for everyone to buy and use Litecoin, I look forward to integrating Litecoin into WEG Bank AG and all the various services it offers. "
TokenPay, in an unspecified amount I bought 9.9 percent of WEG Bank and only 9.9 percent in the new announcement.
According to an announcement by TokenPay in May, acquisition funds were acquired from the sale of tokens made in December 2017.
TokenPay, launched in 2015, , own blockchain protocol and TPAY token.
WEG Bank focuses on offering financial services to real estate clients in particular. Matthias von Hauff, the founder and manager of the bank, stated that the agreement was initially unexpected for a very conservative institution like themselves:
"We have thoroughly and carefully studied the expectations of a common future. Finally we are convinced that the adoption of such modern payment methods in the future of banking is inevitable. "
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