Litecoin AND TokenPay STRIKE HISTORIC STRATEGIC PATNERSHIP TO BUY WEG BANK.

On 10th JUNE 2018, TokenPay and Litecoin Foundation have entered into a strategic partnership to Buy WEG, a German Bank. Under this agreement TokenPay, a Swiss company has transferred its 9.9 shares in the bank to Litecoin
Foundations in exchange for marketing and technology service agreement.TokenPay had purchased these share on 10th May with an option to purchase up to 90% shares if the legislators approve of it.

TokenPay looks to feed on Litecoin's blockchain and over 1 million followers to widen its user base and extend its services to a larger community.TokenPay's CEO Derek Capo was quoted as saying " we are working on creating an entire network which includes merchant services, banking, escrow, gaming, e-sports, employment services etc. ,in which we will have entire control over the vertical integration needed to lower costs, but also control our own destiny."

This partnership is aimed at removing the primary hurdle that the whole CryptoCurrency sector suffers from; the lack of Banking support. The Banking sector believes that the volatile nature of cryptos and the very high chances of fraud and the constant Hacking fears make it less safe to deal with and a constant threat to their networks. By buying the bank the Joint venture aims to remove that and make crypto to FIAT Currency transaction hassle-free for its customers.

TokenPay which is still a new company, founded in 2011 has of the late been going through some upward swing. It coin TPAY which was released in April for around $2 has doubled its worth to nearly $4.5 and thus taking the combined market cap of the JV at $66 million. They are also planning to release their own Debit card "BLUE DIAMOND" which will seamlessly integrate with the digital wallets of all the users and enable them to load their currency of choice. Although the company did not disclose that its debit card services will be limited to Europe or worldwide.

Authors View:-

The deal I think is a path breaker in the industry. It has a lot of potentials to succeed. It is a win-win situation for both the parties. Litecoin which is recently going through another rough patch after the crypto market crash. Its coin value has recently bumped below the $80 mark which is very frightening to the investors. Its supporters have really started doubting its potential and are questioning its purpose. This JV has the power to breathe a new life into its project and boost up its Shares.
TokenPay also has a lot to Gain in. Its coin is currently ranked at 121 on CoinmarketCap.A partnership with Litecoin allows its to have one of the largest Blockchains in the market available at its disposal. It gets a user of millon through Litecoin. But all of these will only succeed if the German Legislative supports the move of this Joint venture to have the majority shares in the WEG BANK which is must according to German Banking laws about owning more than 9.9% shares in a Bank by a business.