Litecoin founder, Charlie Lee, has disclosed that its foundation which oversees all affairs related to the cryptocoin was having trouble getting a bank account, resulting in the firm buying a stake in a Germany-based WEG Bank.
Charlie made this disclosure today in an interview with Cheddar, a New York City-based platform covering the latest in business and tech news.
“Like many crypto-related companies, @SatoshiLite says the @LTCFoundation was having trouble getting a bank account, so they decided to buy a stake in a German bank and are working to make the banking industry more crypto friendly from the inside,” Cheddar quoted Charlie as saying.
Crypto-related firms have problems relating with conventional banks owing to the perceived threat it poses to traditional financial institutions.
Like many crypto-related companies, @SatoshiLite says the @LTCFoundation was having trouble getting a bank account, so they decided to buy a stake in a German bank and are working to make the banking industry more crypto friendly from the inside. #CryptoCraze pic.twitter.com/nLEj337syl
— Cheddar (@cheddar) July 12, 2018
According to Charlie Lee, the purchased stake will give crypto companies the opportunity to own bank accounts, debit cards, and other amazing solutions dedicated to crypto related business.
The newly purchased stake will give TokenPay (TPay) and Litecoin the opportunity to work together on some ideas. This will make TokenPay benefit from Litecoin’s technical ideas in the blockchain industry, Ethereum World News has learned.
Not long, TokenPay announced an extensive crypto strategic partnership with Litecoin, pointing that the recently acquired stake of the former in WEG Bank in Germany has been transferred to Litecoin Foundation in exchange for a “broad and comprehensive marketing and technology service agreement to benefit TokenPay and its related cryptocurrency and business operations”.
The partnership according to the release will give the two firms the opportunity to combine as a leading force in creating and delivering to the market modern consumer-driven crypto FinTech solutions.
Interestingly, since TokenPay has the options to purchase approximately 90% overall of the bank pending the customary regulatory approval, it therefore acquired another 9.9% of WEG Bank since the German law makes it clear that no entity can purchase more than 9.9% of a bank without regulatory approval.
In essence, TokenPay is waiting for the approval to buy the remaining shares of WEG Bank as contained in the purchase clause.
Meanwhile, Verge (XVG) among other allies of TokenPay will benefit from this partnership, hopefully.
As a sign of happiness, Verge on its official Twitter account showed its concern over the new development claiming it is a signal that Verge debit card is closer to the crypto community.