Published on July 12th, 2018 | by bitcoin0
TokenPay Exchanges 10 Percent Stake in German Bank for Litecoin Aid
The Litecoin Foundation has purchased a 9.9% stake in Germany’s WEG Bank as part of the partnership with TokenPay, a cryptocurrency payments company based in Switzerland.
Two months ago, TokenPay bought 9.9% of the bank together with the option to acquire around 90% of the stake, pending regulatory approval.
The company has now transferred this stake to Litecoin Foundation, which will in exchange help TokenPay to promote its services leveraging the foundation’s expertise.
Under the agreement, the Litecoin Foundation will offer its blockchain mechanization capabilities to help TokenPay implement its blockchain projects.
“This partnership is a huge win-win for both Litecoin and TokenPay,” said Litecoin Foundation’s managing director, Charlie Lee, in an official statement.