WEG Bank AG is a relatively small Germany-based bank that specializes in the real estate industry. Nowadays, this small bank has promising days for the future. 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.
TokenPay and Litecoin Foundation 9.9 percent stake
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.
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.
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.”
The bank’s CEO Matthias von Hauff 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.”