Charlie Lee Plans to Use Recent Bank Stake to Increase the Adoption of Cryptos in the Bank’s Operation

Charlie Lee – the founder of Litecoin (LTC) – made a post on Reddit to make known his position within the Litecoin Foundation, as well as the Foundation’s future, after buying a stake in Germany’s WEG Bank. In the post, he talked about the possibility of the bank offering digital currency services.

About a week ago, the Litecoin Foundation bought 9.9% share in WEG Bank via a dynamic partnership with a digital currency to fiat payment company – TokenPay. In exchange for providing marketing, logistics, and blockchain expertise to the business and digital currency operations of TokenPay, Litecoin received the former 9.9% stake in WEG Bank of TokenPay.

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Charlie Lee’s Post

In his post, the founder of Litecoin (LTC) clarified some things regarding recent events, and he also provided some details about the acquisition of the bank. He also said that Litecoin Foundation didn’t pay any money for the stake it acquired. Lee said that he expects to get a board position at the bank.

Regarding the potential expansion of digital currency services, Lee said: “with this bank, they will be able to create and provide digital currency services such as merchant processing, debit cards, as well as other innovative solutions. Saying that the chances of achieving this are much higher now that they have a stake in the bank”

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He also added that with a position on the board of the bank, he will be strategically positioned to influence the increased adoption of digital currencies in the operations of the banks.

Litecoin (LTC) Price Today – LTC / USD

Name Price24H (%)
Litecoin (LTC)
$53.26
0.27%

At the time of writing, Litecoin (LTC) is trading at $90.60 after an increase of more than 9 percent over the past twenty-four hours. The digital currency boasts of a market cap of $5.26 billion and a trading volume of $381.78 million over the past twenty-four hours.


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