Cryptos dead? Think again.
Litecoin Foundation has a bank now. As a part of their deal with TokenPay, a fiat gateway for cryptos, where they provide access to their blockchain, Litecoin Foundation received the 9.9% share of WEG Bank, which previously belonged to TokenPay.
Citing Charlie Lee, the founder of Litecoin, Coin Telegraph reports:
“Best case is that with this bank, we are able to create and deliver crypto solutions like debit cards, merchant processing, and other innovative solutions. However, even with a stake and influence at the bank, it’s not guaranteed that this will succeed. People have brought up valid concerns that we still need to work with and be approved by players in the current financial systems like Visa and SWIFT, but we definitely have a much higher chance of succeeding now that we own a stake in a bank with bank licenses.”
img credz: pixabay.com
You can find the full post from Charlie Lee on reddit.com, but for a quick summary, head over to cointelegraph.com.
Anyway, if you remember our hopes for a real bank offering cryptoservices, back in the days when the partnership between Arisebank and Bitshares was the hot stuff, perhaps you'll find these hopes rekindled again.
Whatever happened to Arise? Ah, who cares really? Time moves 15x faster in cryptosphere, if you bork it, you're history.
What else? Ooh, Mastercard is looking into crypto
img credz: pixabay.com
Companies are grabbing patents involving blockchains like crazy and now Mastercard has grabbed one as well, which involves using credit cards together with Bitcoin.
Currently, they're still looking into it, as some operations that could be completed within seconds using traditional methods, still take tens of minutes to confirm using Bitcoin.
According to cryptonewmedia.press, here's what the patent report said:
“While blockchain currencies can often provide such safety and security for the payer’s information, such security may be limited for payees, particularly due to the limitations of the blockchain.”
Seth Eisen, the senior VP implied that the patent was a way for them to improve their company image, despite that the idea of using Bitcoin and credit cards together might never come true.
So everyone loooves the blockchain now :)
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