Lucerne, Switzerland - July 10, 2018
Recently, TokenPay Swiss AG announced its partnership with WEG Bank in Germany. Under the terms of the previously announced deal, TokenPay Swiss AG acquired 9.9% of the bank along with options to purchase approximately 90% overall of the bank pending the customary regulatory approval.
Today, this 9.9% stake in WEG Bank was further transacted to the benefit of Litecoin Foundation in exchange for a broad and comprehensive marketing and technology service agreement to benefit TokenPay and its related cryptocurrency and business operations. As a result of this partnership, TokenPay and Litecoin combine as a leading force in creating and delivering to the market modern consumer-driven crypto FinTech solutions.
Specifically, TokenPay will directly benefit from Litecoin's high-level blockchain mechanization capabilities. The partnership will focus on several key areas that have been identified by analysts as critical to the success of the enterprise. This includes, but is not limited to, the TPAY cryptocurrency and its vital blockchain, eFin decentralized exchange (DEX) and the EFIN coin, TokenSuisse asset management and structured financial products, WEG Bank FinTech platform including high demand consumer debit cards and the TokenPay Multisignature Transaction Engine designed for processing fast and secure crypto e-commerce payments for merchants.
Furthermore, at the same time, TokenPay Swiss AG has acquired an additional 9.9% of WEG Bank. It is essential to understand that under German banking law no entity can own more than 9.9% of a bank without regulatory approval. Upon the granting of the approval, TokenPay Swiss AG plans to exercise its options to acquire the remaining shares of WEG Bank it is entitled to purchase.
With the prominent addition of Litecoin as a strategic marketing, blockchain technology, and logistics partner in WEG Bank and its long-standing partnership with Verge Currency, TokenPay conservatively anticipates adding several hundred thousand customers to its debit card solutions technology platform in the near term. Accordingly, the technical expertise provided by Litecoin will be a tremendous benefit to the establishment of comprehensive automation guidelines and standards employed by the bank as it explores new market opportunities.