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The Litecoin (LTC) Foundation Teaming Up With TokenPay and WEG Bank Gets Varied Reactions

Litecoin joins TokenPay

Litecoin joins TokenPay: Two days ago, the Litecoin Foundation announced that it had entered an extensive strategic partnership with TokenPay and acquired nearly 10% of the German bank WEG Bank.

Litecoin Joins TokenPay

The press release explains:

“Today, this 9.9% stake in WEGBank 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.”

Charlie Lee, founder and now managing director of the Litecoin Foundation, states that he is looking forward to the partnership and wants to “make it simple for anyone to buy and use Litecoin.”

TokenPay was started back in 2015 and has built its own blockchain protocol and native token (TPAY) to facilitate stable fiat-to-crypto transactions.

LTC Investors Respond

Some investors aren’t too thrilled that TokenPay has an ongoing partnership with Verge (XVG) and now that Litecoin is involved, they are linked.

Others aren’t happy that the Litecoin Foundation is now tied to a bank.

Others aren’t impressed with the size of the bank they acquired.

The responses weren’t all negative though. Many LTC enthusiasts piped up and sang praises on the new deal.

What are your thoughts? Do you think ‘Down with all banks,’ or do you agree with the Lee/Garlinghouse approach of working with banks for takeover? Leave your opinions in the comment box below!

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Featured Image: Depositphotos/© sdecoret

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