Bringing Crypto to the Masses: Litecoin and TokenPay Form Strategic Partnership

After the failure of Litepay, Litecoin forged a new partnership with the open-sourced, decentralized, and self-verifying payment platform TokenPay, according to the official announcement.

Both have agreed on joint ownership of German WEG Bank AG. TokenPay recently acquired 9.9% of WEG Bank, along with the possibility of obtaining 90% of the bank pending the customary regulatory approval.

In exchange for Litecoin's aid with marketing and technological development, TokenPay agreed to transact their 9.9% stake of WEG Bank to The Litecoin Foundation.

After relinquishing their initial 9.9% stake in WEG Bank to The Litecoin Foundation, TokenPay acquired an additional 9.9% of the bank, as no single entity can legally purchase more than 9.9% of a bank until approved under German law.

Litecoin will be assisting TokenPay in the development of their blockchain - meanwhile, Charlie Lee, the creator of Litecoin, will be working in conjunction with TokenPay to "Implement many new additions to TokenPay's suite of built-in product offerings," including the Lightning Network.

TokenPay also announced that their partners at TokenSuisse will integrate Litecoin into their German banking platform, their merchant services platform, and their eFin decentralized exchange.

"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."

WEG Bank offers financial assistance to real-estate clients.

The bank's CEO, Matthias von Hauff, said he did not initially anticipate the partnership.

The strategic partnership will focus on several key aspects of TokenPay, including TPAY cryptocurrency and its blockchain, eFin decentralized exchange and the EFIN coin, TokenSuisse asset management, and the WEG Bank FinTech platform, which handles consumer debit cards and the TokenPay Multisignature Transaction Engine.