TokenPay Acquires WEG Bank in New-found Purchase
This week, TokenPay announced successfully purchasing almost 10 percent of WEG Bank in a new agreement between the decentralized platform and the German financial institute. The remaining 90 percent will be purchased once officials have granted both partners permission to continue following a mandatory regulation check.
TokenPay is a well-known contributor and partner of the cryptocurrency Litecoin foundation. Litecoin’s plan is to become the biggest solutions provider, using cryptocurrency technology and intricate analysis of the current-day market to design new solutions for its customers. Its new acquisition of the German bank is based on the financial institution’s ability to introduce advanced blockchain proficiencies.
A statement released explained the details behind the deal between both companies. According to a statement, experts said that TokenPay latest collaboration is essential to the company's continued success. Part of the requirements involves TokenPay’s native currency and the functioning blockchain platform, eFin exchange. WEG Bank’s network will facilitate faster cryptocurrency profit transactions for digital-dealers.
The bank is a vital part of Litecoin’s and its and current association with Verge Currency is a result of its plan to draw in more customers and introduce each of them to the company’s debit card services through its platform.
Following a statement for the bank’s Chief Executive Officer, partnering with crypto-companies like Litecoin introduces a new notion for traditional financial institutes. The bank has extensively studied the potential outcome of the new partnership and that cryptocurrencies will become the new form of payment methods and banking will function on crypto-based services in the future.
For fans of Litecoin, the new collaboration sheds some positive light on Litecoin's future, given the short-lived period of the company’s payment services after an announcement by its CEO.