On the 10th of July, Litecoin Foundation announced that it had bought the 9.9 percent share of TokenPay (a blockchain startup) in WEG Bank of Germany in exchange for helping the startup with technology and marketing. On the 9th of May this year, the blockchain startup announced that it has sealed a deal with Germany’s WEG Bank.
What the firm did then was to use the gains of its token sales (TPAY) back in December last year to buy 9.9 percent of the equity interest in WEG Bank. They did this with the option of buying additional 80.1 percent of the bank after a customary regulatory approval.
The Agreement of the Partnership
What happened on Tuesday was that the blockchain startup transferred its 9.9 percent share in WEG Bank to the Litecoin (LTC) Foundation in exchange for a comprehensive and vast technology and marketing service agreement that will be of great benefit to TokenPay and its numerous blockchain-related products.
The Blockchain-Related Initiatives of TokenPay
Some of its blockchain-related initiatives include the TPAY digital currency, the EFIN token and eFin Decentralized Exchange, TokenSuisse Asset Management and Structured financial products, the FinTech Platform of WEG Bank including its client debit cards, and the Multisig Transaction Engine of TokenPay.
Also, the blockchain startup decided to purchase another 9.9 percent of WEG Bank. But TokenPay wasn’t able to acquire more shares at the moment because, under the banking law of Germany, no entity can acquire over 9.9 percent of a bank without regulatory approval.
So the firm has to wait for the approval of the Federal Financial Supervisory Authority of Germany before it can purchase an additional 70.2 percent in WEG Bank – according to their agreement back in May.
Litecoin Price Today: Current Price of LTC
At the time of writing, Litecoin (LTC) is changing hands at $77 after a decrease of 1 percent over the past twenty-four hours. The market cap of the digital currency is $4.37 billion and it trading volume over the past twenty-four hours is $318.18 million.