In the latest litecoin news, three cryptocurrency companies namely TokenPay, The Litecoin Foundation, and Nimiq have acquired part ownership of a German bank. According to a report on cryptocurrency news outlet Coindesk, blockchain startup Nimiq recently acquired a stake in German bank WEG Bank AG after TokenPay and the Litecoin Foundation. This is as Litecoin price surges over 20% in the latest bitcoin bull run making optimistic litecoin price predictions look achievable.
WEG Bank AG is a relatively small Germany-based bank that specializes in the real estate industry.
Litecoin Foundation (LTC) and TokenPay (TPAY) Acquire Stake in a German bank
Last year, TokenPay a secure cryptocurrency payment platform acquired 9.9 percent ownership of the German bank with additional options to purchase up to 90% of the bank pending the customary regulatory approval.
Through a partnership between Litecoin foundation and TokenPay, Litecoin Foundation purchased the 9.9 percent stake in WEG Bank AG. According to the announcement at the time, Litecoin Foundation in exchange for the stake will provide “a broad and comprehensive marketing and technology service agreement to benefit TokenPay and its related cryptocurrency and business operations.”
TokenPay went ahead to purchase another 9.9 percent stake in the bank. While the cryptocurrency companies could have acquired more stake, German laws limit foreign investors to only 10 percent ownership.
Nimiq (NIM) Purchases Almost 10 Percent Stake German bank
Nimiq, a decentralized payment system built on the ethereum network, has now bought a 9.9 percent stake in the same bank bring the ownership by cryptocurrency-related companies to 30 percent. For its part, Nimiq will help develop an external infrastructure that will allow the bank’s clients to convert between cryptocurrency and fiat currency.
Elion Chin, the co-founder of Nimiq hinted at a partnership with blockchain platform Lisk (LSK) and a bright prospect for the bank partnerships. He said:
“With Litecoin and Tokenpay as existing shareholders, new clients including Lisk, and other key prospective partnerships, we believe WEG Bank is on the way to reinventing itself as a bank of the future.”
German bank WEG Bank AG to Remain Conventional despite Crypto Interest
Though the German bank now has a lot of cryptocurrency interests (and owners), it would continue as a conventional bank while utilizing external blockchain and cryptocurrency solutions. The bank’s CEO Matthias von Hauff explained that the bank has spent a year working out the best approach to spread its services to the blockchain community. On the Nimiq deal, he said:
“With Nimiq, we have been able to develop not only a landmark payment interface which has the potential to revolutionize the way we deal with cryptocurrencies, but also an innovative and powerful partnership.”
Litecoin (LTC) Price Today /USD
Litecoin price prediction 2019 is set to take a new twist as Litecoin price surged by more than 20 percent amidst the current bitcoin bull run which started yesterday. At the time of writing, Litecoin to USD is trading at $86 and is still going higher judging by hourly Litecoin technical analysis.
Litecoin market cap has risen to $5.2 billion while its daily trading volume has tripled since Monday and now stands at $5.1 billion. Litecoin’s performance is only bettered in top 20 coins by Bitcoin Cash (BCH) which saw over 40 percent increase and has flipped EOS to 5th place on Coinmarketcap ranking.
Litecoin Price Prediction 2019
Litecoin price predictions which were seemingly unrealistic could be within reach if the cryptocurrency continues to grow at its present rate. For instance, a Litecoin price prediction shared by Jason A. Williams the co-founder of Morgan Creek Digital suggests litecoin will rise by 150 percent every month and reach $650 by May. If the bitcoin bull run continues for much longer, Litecoin which has added $25 since yesterday could chuck up major gains.
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