Litecoin Foundation Acquired stake In German bank WEG Bank AG. and Could Result In Crypto Services


Litecoin founder Charlie Lee announced on Reddit on, July 17, to clarify his position within the Litecoin Foundation and also the future of the foundation following its acquisition of a stake in German bank WEG Bank AG. In his post, Lee mentioned the chance of the bank providing crypto services.

Last week, the Litecoin Foundation acquired a 9.9 % share in WEG Bank through a brand new strategic partnership with crypto-fiat payments firm TokenPay. In exchange for providing its blockchain, logistics, and promoting expertise to TokenPay’s crypto and business operations, Litecoin received TokenPay’s former 9.9 % stake in WEG.

In his post on tuesday, Lee sought to “clarify some things regarding recent events,” providing some details relating to the bank acquisition, and stating that the foundation “did not pay any money for this stake within the bank.” Lee added that he expects to receive a board position at the bank. Regarding the potential growth of crypto services, the Litecoin founder commented:

Lee told that with a seat on the board of the bank, he will be in a position to positively influence the further adoption of cryptocurrencies in the bank’s operations. He said that, even if they're unable to work with the bank in pushing for crypto services, the Litecoin Foundation can profit financially from their stake.

While Lee criticized ICOs in his post “because a number of them are outright scams and most of them are set up to fail,” he praised TokenPay for their sale of TPAY tokens, saying that “they didn't run away with the their funds” and that TokenPay’s leadership is legitimately fascinated by more crypto adoption. Lee expressed that, for the sake transparency, neither he nor the Litecoin Foundation own or plan to own TPAY tokens. Lee is the managing director of the Litecoin Foundation.

At press time, Litecoin (LTC) is riding a wave of positive momentum in crypto markets, trading at $90.37, up 18.03 % over the last seven days.

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