In a strategic tie up, Litecoin Foundation has acquired 9.9 percent stake in Germany's WEG Bank AG from TokenPay Swiss AG, a crypto-to-fiat payments firm.
TokenPay said it transferred its shares in the German bank 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.
The funds for the acquisition were raised through a token sale conducted in December, TokenPay said.
TokenPay's blockchain initiatives include TPAY Cryptocurrency, eFin Decentralized Exchange (DEX), TokenSuisse Asset Management, WEG Bank FinTech Platform, and Multisignature Transaction Engine.
The Litecoin Foundation is a Singapore-based non-profit organization that promotes the popular Litecoin (LTC) cryptocurrency.
"Our ecosystem consisting of the TPAY blockchain, WEG Bank, TokenSuisse and Litecoin Foundation provides us with a tremendous opportunity regarding merchant solutions, along with a strong and diverse customer base for our crypto debit card business," according to Prof. Dr. Jorg E. Wilhelm, Head of Supervisory Board of TokenPay.
TokenPay had acquired 9.9 percent of WEG Bank ownership along with an option to purchase upto 90 percent shares of the bank subject to approval by German regulators.
With the addition of Litecoin as a strategic partner in WEG Bank, TokenPay expects it can add several hundred thousand customers to its debit card solutions platform in the near term.
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