The Litecoin (LTC) Foundation has acquired a 9.9 percent stake in Germany’s WEG Bank AG.
TokenPay has now transacted its 9.9 percent equity share of the bank to the Litecoin Foundation in exchange for an agreement that will see the Foundation providing its blockchain, marketing and logistics expertise to the benefit of TokenPay’s cryptocurrency and business operations.
Specifically, the deal will see the Foundation offering its “high-level” blockchain mechanization capabilities to assist TokenPay in realizing its major crypto and blockchain initiatives.
Litecoin founder Charlie Lee said of the new deal: “This partnership is a huge win-win for both Litecoin and TokenPay.
Litecoin is currently trading at around $80 and is the 6th largest cryptocurrency with $4.5 billion in market capitalization, according to Coinmarketcap.
Litecoin Foundation, the non-profit that supports the popular cryptocurrency, has acquired a near 10 percent stake in a German bank. The deal comes as the result of an agreement with TokenPay, a crypto-to-fiat payments firm, according to an announcement on Tuesday.
The Litecoin Foundation has now acquired a 9.9% stake in Germany’s WEG Bank AG, as a result of a new strategic partnership with crypto-fiat payments firm TokenPay
Некоммерческая организация Litecoin Foundation, поддерживающая популярную криптовалюту, объявила о приобретении почти 10% акций немецкого банка WEG Bank AG. Как отмечается в пресс-релизе, сделка по приобретению акций стала результатом соглашения с фирмой TokenPay, занимающейся переводом активов из криптовалют в фиат и наоборот.
TokenPay Swiss AG announced its partnership with Germany’s WEG Bank yesterday, which sees the decentralized and self-verifying payment platform acquire 9. 9 percent of the bank. The other 90 percent of the bank is will reportedly be purchased pending mandatory regulatory approval.
The acquisition is part of a broader deal between the foundation and TokenPay crypto company, which includes LTC support for TPAY and EFIN coins, and eFin virtual exchange.
Litecoin Foundation объявила о заключении стратегического партнерства с блокчейн-стартапом TokenPay, в рамках которого компании совместно приобрели долю немецкого WEG Bank. Ранее TokenPay Swiss AG, банковская криптовалютная платформа, объявила о своем партнерстве с WEG Bank в Германии.
In May 2018, TokenPay Swiss AG joined with WEG Bank in Germany. The former attained a 9. 9 percent stake in the bank, along with the option to purchase as much as 90 percent, pending regulatory approval.
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