Charlie Lee, creator of Litcoin could become a member of the board of the German bank Litecoin Foundation, the group in which he serves as CEO, recently won a stake
The agreement for a 9.9 percent stake in WEG Bank AG resulted through a partnership with the TokenPay start-up, as previously reported. And although the response on social media seems to have been mostly positive, Lee turned to Reddit on Tuesday to offer "clarifications" on the nature of the agreement, the participation of the foundation and the benefits that the agreement could bring.
According to Lee, the best scenario would be for WEG Bank to try to launch cryptographic products and services, but that is not a done deal, admitted the creator of Litecoin.
Lee stated :
"The best thing is that with this bank, we can create and deliver cryptographic solutions such as debit cards, merchant processing and other innovative solutions. However, even with a stake and influence in the bank, this is not guaranteed to be successful. "
Lee also clarified that the agreement did not consider the foundation to spend money, and said the participation came "in exchange for technical work and marketing support for TokenPay, eFin for decentralized exchange and integration with the bank."
"To be clear, no money was paid for this participation in the bank. The plan is also to get a seat on the board at the bank, "he explained.
Lee noted that there are still some obstacles to overcome in order to launch a cryptographic debit card, writing: "People have raised valid concerns with which we still have to work and be approved by players in current financial systems like Visa and SWIFT."
That said, having a participation in a licensed bank gives the Litecoin Foundation "many more chances of success".
Source: CoinDesk