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

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.

I’m excited to announce that @LTCFoundation and @TokenPay have entered into a strategic partnership to buy a stake in a German bank, WEG Bank AG. We plan to work on many exciting consumer-driven crypto solutions. Stay tuned! 🚀

For more info: https://t.co/K58SpQKvEl pic.twitter.com/6agmsa7wkb

— Charlie Lee [LTC⚡] (@SatoshiLite) July 10, 2018

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.

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

He has credibility to lend?

— imaginary_username (@im_uname) July 11, 2018

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

LTC = Banker Coin

— Dr. T (@XRPTrump) July 10, 2018

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

Cool but nothing to be hyped about. Weg bank is a little private Bank with only one house here in Germany. Any top 100 coin could afford to buy 10% in shares of it.

— Bem Foxtrott (@FoxtrottBem) July 11, 2018

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

YUGE (as they say) Thanks for the continued dedication to your craft / passion, Charlie.

— Joshua Welling [LTC] (@Jaw709) July 10, 2018

Let’s just buy a fucking bank. 🤘 Your efforts are really appreciate and they will pay off.

— Jacky Yang (@JackyYang15) July 12, 2018

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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