Swiss company TokenPay Today, it's been disclosed that a vast crypto-focused strategic alliance is blossoming between TokenPay and Litecoin Foundation, directed by Litecoin's own creator. Charlie Lee As an element of their shared strategy, Litecoin Foundation and TokenPay are pooling their joint assets to secure a piece of a German bank. TokenPay's official platform clarifies that this move aims to create a customized banking service tailored for different cryptocurrency initiatives they support, all while adhering to European banking regulations.
What is TokenPay?
TokenPay, a company rooted in Switzerland, is all about pushing blockchain recognition globally, mainly targeting its use for transactions. Earlier this April, they released their cryptocurrency, TPAY, priced initially around one to two dollars each, sparking upward momentum. just under $4.50 each Currently, this venture boasts a collective market cap nearing over $66 million.
A principal aim for this initiative is to seize a controlling interest in a bank. With today's announcement, the team and the Litecoin Foundation have already secured a 9.9% share of a German bank, with opportunities to escalate that to an 80% holding. WEG Bank AG With banking power in their grasp, the objective is to emerge as the top option for clients looking to convert between crypto and fiat currencies. Presently, numerous enterprises find these conversions tricky due to banks shying away from crypto dealings.
Some financial institutions remain cautious of the crypto field, citing its perceived risks and vulnerability to scams. Owning a bank would completely shift this dynamic in favor of cryptocurrency ventures. Moreover, TokenPay is intent on launching its 'Blue Diamond' debit card, intended to effortlessly sync with any chosen digital wallet, enabling users to load their preferred currencies onto the card straightforwardly. They've teamed up for a significant endeavor to acquire interest in the German institution, WEG Bank AG. Together, they're gearing up to develop thrilling crypto solutions aimed at consumers. Keep an eye out for what's next! ????
In a tweet, Litecoin's Charlie Lee confirmed that the cooperation with TokenPay is now set in stone, also referring to the mentioned share purchase in WEG Bank AG. Lee underlined that the partnership is designed to develop many captivating crypto-focused innovations.
TokenPay Plus Litecoin Foundation
I\"m excited to announce that @LTCFoundation and @TokenPay Today’s announcement offers a deeper dive into what's in store for this alliance.
For more info: https://t.co/K58SpQKvEl pic.twitter.com/6agmsa7wkb
— Charlie Lee Ⓜ️????️ (@SatoshiLite) July 10, 2018
TokenPay’s release indicates they will capitalize on Litecoin’s blockchain infrastructure and the robust mining community supporting it. Furthermore, TokenPay predicts this collaboration could conservatively attract 'several hundred thousand' to its card solutions soon. It didn’t clarify whether this card is only for those in the EU or if it spans broader reach.
The TokenPay group also released a press release This headline emerges just as Litecoin's market struggles surface again, with value points dipping below the $80 threshold. Since peaking in the December 2017 market surge, Litecoin’s worth has seen a gradual downturn, prompting some analysts to question its actual value proposition.
Despite strong backing from its community and miners, Litecoin lacks a definitive edge beyond being a cost-effective Bitcoin variation.
Litecoin Low on Energy
TokenPay remains relatively modest, ranked 122 in market cap standings by coinmarketcap.com. Yet, if Litecoin Foundation joins forces with an established bank and offers a card payment option, this could provide the necessary impetus for Litecoin to sustain its momentum. market dip Robert, Blockonomi's News Editor, is a true advocate of the impending transformative digital economy focused on liberty, privacy, and self-determination. He has been actively engaged in cryptocurrency circles for many years. Reach out to [email protected].
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