TokenPay, The self-proclaimed “Bitcoin on steroids” has entered a partnership with the Litecoin Foundation for a 9.9% stake in the WEG Bank in Germany. In May 2018 TokenPay acquired just under 10% of WEG Bank with the option to purchase up to 90% if approved by the regulatory commission of Germany. In a move to leverage Litecoins marketing and technology service TokenPay has handed the 9.9% over to Litecoin in hopes that it will put TokenPay on the map as a major player in the cryptocurrency market.
TokenPay CEO Derek Capo said in a recent statement “We are building an entire ecosystem that includes merchant services, banking, escrow, gaming, e-sports, employment services, etc., where we have entire control of the vertical integration needed to lower costs, but also control our destiny. Litecoin is a top-five blockchain in the world, and boasts more than one million followers worldwide, which helps increase the chances of TokenPay’s ecosystem to succeed.”
What does this mean for TokenPay & Litecoin?
This partnership will provide TPAY access to LTC’s massive user base and will give the users the opportunity to buy, sell & trade as well as gain access to the company’s debit card service. In turn, Litecoin will benefit by having exclusive access to TokenPay’s long-standing bank connections to hopefully integrate the LTC blockchain network into a wide range of monetary associations.
Charlie Lee, CEO of the Litecoin Foundation responded to the partnership by saying “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.”
Each company will play a crucial roll in the partnership by focusing on TPAY crypto and its accompanying blockchain as well as the TokenPay multisignature transaction engine, which should accelerate payment and transaction speeds tremendously for both companies.
There is no word yet on exactly when the technology side will be implemented but TokenPay is geared up to make some major moves that include partnering with multiple other financial establishments.