On Tuesday, July 10, an alliance between developers Litecoin Foundation and the TokenPay payment platform was announced to buy the German bank WEG Bank, which has caused reactions of amazement in the community bitcoiner.
According to an entry published on the TokenPay payment platform website, the alliance has as its main objective to constitute "a leading force in the creation and delivery of FinTech cryptographic solutions driven by the consumer"
Recently, TokenPay acquired 9.9% of the bank's shares, with the intention of holding a 90% short-term interest in this financial institution once the country's government gives the green light to the acquisition. The Litecoin Foundation saw the possibilities of this alliance and decided to offer blockchain engineering in exchange for a share participation.
TokenPay is an open source payment platform, which aims to "offer tailored banking services and the ability to accept individual cryptocurrency projects, while addressing privacy regulations, "according to the information contained on its website.
This alliance is expected to massify and improve the TokenPay debit card service, in addition to optimizing the service TokenPay Multisignature Transaction Engine which allows you to make safe and fast payments. In this sense, TokenPay could move to occupy the functions of payment processing and issuance of debit cards offered by the company LitePay, whose operations ceased last March after accusations of mismanagement of funds provided by the Litecoin Foundation.
Additionally, the TPAY cryptocurrency that currently trades at 4.46 dollars according to CoinMarketCap and its blockchain will be optimized by the Litecoin developers, who will also offer marketing advice. This alliance will also benefit the decentralized exchange house eFin and its EFIN token, and the TokenSuisse platform.
Although the litecoin cryptocurrency currently encounters a downward trend that places it at a value of 79, 35 dollars per LTC in CoinMarketCap, it is not known for sure how this alliance could influence a cryptocurrency that since June 22 has its own financial futures.
The information of the purchase of the bank was very good received on the social network Twitter, where Charlie Lee, creator of Litecoin and director of the Foundation (who in December sold all his LTC) shared the news and received more than 5 thousand positive reactions from the community, which was surprised that both blockchain companies "bought a bank", since "the banks would be expected to buy cryptocurrencies, not the other way around".
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