On Tuesday, July 10, an alliance between the Litecoin Foundation developers and the TokenPay payment platform was announced to buy the German bank WEG Bank, which has caused reactions of amazement in the bitcoiner community.
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 to the market of FinTech cryptographic solutions driven by the consumer".
Recently, TokenPay acquired 9.9% of the bank's shares, with the intention of possessing 90% of this financial institution in the short term once the government of the country 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 share participation.
TokenPay is an open source payment platform, which aims to "offer tailored banking services and the ability to support individual crypto projects, while addressing privacy regulations," according to the information contained on its website .
It is planned that this alliance will massify and improve the TokenPay debit card service, as well as optimize the TokenPay Multisignature Transaction Engine service , which allows for fast and secure 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 cryptocurrency litecoin is currently with a downward trend that places it at $ 79.35 per LTC in CoinMarketCap , it is not known for sure how this alliance could influence a cryptocurrency that since June 22 has with their own financial futures .
The purchase information of the bank was very well 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 "you would expect banks to buy cryptocurrencies, not the other way around".