The LTC Foundation and Token Pay have entered into a strategic partnership to buy shares of WEG Bank AG. The German-based bank has announced that 9.9% of its equity interest has been sold to Token Pay Swiss AG in share certificates. Furthermore, Token Pay has the option to acquire more shares upon customary regulatory approval. Token Pay has announced that this partnership is in line with what was outlined in their Whitepaper roadmap as per their 2017 projections.
What is the History of this deal?
WEG Bank approached Token Pay in December 2017 with an interest in aligning itself and offering FinTech solutions to the newest cryptocurrency market, while still offering the same service it has always done to its established Real estate customer base. Token Pay offers a broad base technology complex which made them the perfect partners for WEG to align themselves with. Token Pay’s cutting-edge knowledge and savvy team make the WEG decision a smart strategic move.
Token Pay is working on a similar deal with Lichtenstein Bank due to the rapidly growing FinTech industry. The set of products and services offered by Token Pay make them a market-savvy partnership choice.
Unique Opportunities and Partnerships
Under the leadership of Dr. Joerg E. Wilhelm who heads up the Supervisory Board of Token Pay, the project is in a unique position to keep on advancing on this front. Dr. Wilhelm is a highly regarded individual in the financial sector. He developed a stellar career in financial compliance and corporate governance. Furthermore, the partnership with the LTC Foundation ensures that this deal will have core crypto support.
The Future of Banking with Cryptocurrency
Banks are traditionally opposed to cryptocurrency, due to the latter’s ability to replace them thanks to a P2P system that does not require intermediaries. However, we can see that cryptocurrency is steadily becoming a more significant force in traditional sectors investments in banks, such as Bankera’s purchase of Pacific Private Bank. These shifts are forcing a change in paradigms long held by the financial sector. Banks still play a pivotal role in the symbiotic relationship between the world’s population and currency, but pockets of cryptocurrency enthusiasts are bent on changing this.