Litecoin founder Charlie Lee is clarifying his involvement in the recent partnership between the Litecoin Foundation and TokenPay, an agreement that transfers TokenPay’s 9.9% equity stake in Germany’s WEG Bank AG to Litecoin.
“This partnership is between LF and TP,” says Lee. “The deal is that LF receives the 9.9% stake in the bank in exchange for technical work and marketing support for TokenPay, eFin decentralized exchange, and integration with the bank. To be clear, LF did not pay any money for this stake in the bank. The plan is also for me to get a board seat at the bank.”