Litecoin founder Charlie Lee published on Reddit these days, July 17, to make clear his position in the Litecoin foundation and the destiny of the foundation following its acquisition of a stake in German financial institution WEG bank AG. In his submit, Lee referred to the opportunity of the bank imparting crypto services.
last week, the Litecoin basis obtained a nine.nine percent share in WEG financial institution through a new strategic partnership with crypto-fiat payments firm TokenPay. In alternate for imparting its blockchain, logistics, and advertising and marketing understanding to TokenPay’s crypto and enterprise operations, Litecoin acquired TokenPay’s former nine.9 percentage stake in WEG.
In his put up on Tuesday, Lee sought to “make clear some matters approximately current occasions,” providing a few details concerning the bank acquisition, and pointing out that the foundation “did now not pay any cash for this stake within the financial institution.” Lee introduced that he expects to receive a board function at the bank. concerning the viable expansion of crypto services, the Litecoin founder commented:
“first-class case is that with this bank, we're able to create and deliver crypto answers like debit cards, service provider processing, and other revolutionary solutions. but, regardless of a stake and have an impact on on the bank, it’s now not guaranteed that this could be triumphant. humans have introduced up legitimate worries that we nevertheless want to paintings with and be accredited with the aid of gamers within the cutting-edge monetary systems like Visa and swift, however we without a doubt have a miles better threat of succeeding now that we very own a stake in a bank with bank licenses.”
Lee stated that with a seat at the board of the bank, he could be in a position to undoubtedly affect the further adoption of cryptocurrencies within the financial institution’s operations. He delivered that, even though they're unable to paintings with the bank in pushing for crypto services, the Litecoin basis will advantage financially from their stake.
at the same time as Lee criticized ICOs in his put up “because a number of them are outright scams and most of them are installation to fail,” he praised TokenPay for his or her sale of TPAY tokens, announcing that “they did now not run away with the their budget” and that TokenPay’s management is legitimately interested by extra crypto adoption. Lee said that, for the sake transparency, neither he nor the Litecoin foundation very own or plan to very own TPAY tokens. Lee is the dealing with director of the Litecoin basis.
At press time, Litecoin (LTC) is riding a wave of advantageous momentum in crypto markets, buying and selling at $ninety.37, up 18.03 percent during the last seven days