Litecoin and payment platform TokenPay signed a strategic cooperation agreement. Under the deal TokenPay Litecoin Foundation has transferred its stake in German Bank WEG (9,9%) in exchange for services in areas of marketing and technology.
In a press release published on the website TokenPay, said that the new partnership will strengthen both companies in the consumer market:
“Through this partnership TokenPay and Litecoin along will be among the leading developers and suppliers of advanced customer-oriented FINTECH solutions for the market.”
Although the document says nothing about specific projects or developments TokenPay identified key areas of work in cooperation. They include token TPAY and its blockchain, the decentralized exchange eFin and its native token, financial products TokenSuiss and management of digital assets, development of FINTECH platform WEG Bank, the issue of the “popular” cryptocurrency debit cards, and also algorithm of processing commercial payments TokenPay Multisignature Transaction Engine.
Despite the apparent disparity of conditions, the founder of Litecoin Charlie Lee (Charlie Lee) said that this is not a unilateral agreement and a full partnership:
“It’s a win-win agreement and Litecoin, and for TokenPay. I look forward to the integration of Litecoin with WEG Bank AG and all its services so people feel easier to buy and use Litecoin. I also am listing Litecoin on a decentralized exchange TokenPay, eFin”.
WEG Bank, whose role in this agreement is limited to “testing ground” for developments in the payments industry and potentially to the release of the crypto cards, expressed support for future joint initiatives of companies. The founder and CEO of the Bank, Matthias von Hauff (Matthias von Hauff) said:
“Working with such innovative organizations as TokenPay and Litecoin may seem surprising for such a conservative organization like ours. But we have carefully examined the prospects for future joint work and became convinced that the introduction of such modern payment options inevitably for banks. And we are proud to be partners for the best of the best in this area.”
About the potential cooperation between TokenPay and Litecoin was first reported in April, when CEO TokenPay Derek Capo (Capo Derer) in a conversation with Charlie Lee on Twitter asked him privately to discuss joint work.
Under this partnership Litecoin will also be able to realize the unrealized developments LitePay. Recall service for cryptocurrency payments debit card was closed in March due to the lack of “due diligence” by the Litecoin Foundation.
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