TokenPay Acquires Stake In Germany’s WEG Bank

TokenPay Swiss AG, a decentralized and self-verifying payment platform, has acquired a 9.9% stake in Germany’s WEG Bank.

TokenPay also plans to buy out the remaining 90% shares in due course, subject to regulatory approval.

Notably, TokenPay and Litecoin Foundation have a strategic technology sharing agreement.

Litecoin Foundation wants to become a “leading force in creating and delivering to the market modern consumer-driven crypto FinTech solutions.” In this regard, as per the agreement, Litecoin Foundation will provide its top notch “blockchain mechanization capabilities” to TokenPay.

TokenPay has made the official announcement:

The partnership will focus on several key areas that have been identified by analysts as critical to the success of the enterprise. This includes, but is not limited to, the TPAY cryptocurrency and 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 designed for processing fast and secure crypto e-commerce payments for merchants.

TokenPay has explained that the acquisition of WEG Bank, technology related partnership with Litecoin, and “long-standing partnership with Verge Currency” are part of its plan to bring in “several hundred thousand customers to its debit card solutions platform in the near term.”

Commenting on the new partnership, Litecoin founder and Litecoin Foundation Managing Director Charlie Lee stated

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.

Likewise, Founder & CEO of WEG Bank AG Matthias von Hauff, stated

The partnership with innovative institutions such as TokenPay and Litecoin might at first come unexpectedly for a very conservative institution like us. But 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. We are therefore proud to have teamed up with the best in the field

It can be remembered that LitePay CEO Kenneth Asare closed down the company before the project took off the shelf.