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.
TokenPay has now passed ownership of the 9.9 percent of equity in WEG Bank AG to Litecoin Foundation in exchange for the latter's technical assistance in advancing the bank's plans to bring cryptocurrency payment solutions to customers and working with TokenPay on its various blockchain projects.
"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."
TokenPay purchased the stake in WEG Bank for an undisclosed amount in May, and said in the release that it has also just acquired an additional 9.9 percent.
The firm eventually plans to exercise its option to purchase the remaining shares of the bank if approved by German regulators, it said.
Launched in 2015, TokenPay built its own blockchain protocol and native TPAY token in an effort to facilitate scalable crypto-to-fiat transactions.
WEG Bank specifically focuses on offering financial services to real-estate customers.
The bank's founder and chief executive, Matthias von Hauff, said the deal was not initially expected from a "Very conservative" institution such as itself, and only came about after much thought about the future of cryptocurrency.
"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."
Litecoin Foundation Acquires 9.9% of Bank in Payments Partnership
Published on Jul 11, 2018
by Coindesk | Published on Coinage
Mentioned in this article
Binance Removing CLOAK, MOD, SALT, SUB, and WINGS: Industry-Wide Delisting Trend
Binance announced today that it will be delisting CLOAK, MOD, SALT, SUB, and WINGS from its trading platform, citing reasons ranging from "Commitment of the team to project" to "Fraudulent conduct." The move comes after the exchange's removal of BCN, CHAT, ICN, and TRIG last October, and may indicate a broader industry trend.
Decentralized Finance Emerges as Banner Topic at Ethereum Denver Conference
Kicking off the annual ethereum hackathon ETHDenver, Aave CEO Stani Kulechov shared an opening address on on "Leaping decentralized finance [into the] mainstream."
Crypto Markets Continue to See Mixed Signals, Dow Jones Up Over 360 Points
Feb. 15 - crypto markets have continued trading sideways after hitting a multi-month high of daily trading volume of more than $36 billion yesterday, according to CoinMarketCap data.
Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, TRON, Stellar, Binance Coin, Bitcoin SV: Price Analysis, February 15
Considering the large target potential, we suggest traders maintain their stops at $100. We might recommend closing the position if the pair turns down and sustains below $116.30.XRP/USDRipple has been finding support close to $0.295 for the past three days, but the bulls are struggling to break out of the downtrend line.