In a tweet posted yesterday afternoon, Litecoin creator Charlie Lee announced both the purchase of a percentage of WEG Bank, and a strategic partnership with blockchain development company TokenPay Swiss AG. With TokenPay’s plans to eventually purchase 90% of WEG Bank, TokenPay and Litecoin will join forces to offer “modern consumer-driven” FinTech solutions.
WEG Bank, founded in 2015, plans to create a new division that will integrate FinTech and blockchain technology services. Founder & CEO Matthias von Hauff stated:
“The partnership with innovative institutions such as TokenPay and Litecoin might at first come unexpectedly for a very conservative institution like us. But we have thoroughly and diligently examined the prospects of a common future, and we became convinced that the future of banking will make adoption of such modern payment methods inevitable. We are therefore proud to have teamed up with the best in the field.”
Through the partnership, TokenPay envisions adding several hundred thousand customers to its debit card solutions platform and expects to benefit from the high standards held by WEG Bank as they explore and analyze new business opportunities.