TokenPay Swiss AG, a blockchain development company, partnered with WEG Bank in Germany in May and acquired 9.9 percent of the latter with options to purchase approximately 90% overall of the bank upon regulatory approval.

This 9.9 percent stake TokenPay has now transacted to the Litecoin Foundation in exchange for a broad and comprehensive marketing and technology services. TokenPay’s collaboration with the Litecoin Foundation will focus on several areas including

• TPAY cryptocurrency and its vital blockchain
• eFin decentralized exchange (DEX) and the EFIN coin
• TokenSuisse asset management and structured financial products
• WEG Bank FinTech platform including high demand consumer debit cards
• TokenPay Multisignature Transaction Engine

“This partnership is a huge win-win for both Litecoin and TokenPay. I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin. I’m also excited about Litecoin’s support in TokenPay’s eFin decentralized exchange,” Charlie Lee, Managing Director of the Litecoin Foundation, said.

In addition, TokenPay has acquired an additional 9.9 percent of WEG Bank in compliance with the German banking law that requires that no entity can own more than 9.9 percent of a bank without regulatory approval. Once approved, TokenPay plans to exercise its options to acquire the remaining shares of WEG Bank it is entitled to purchase.

“The partnership with innovative institutions such as TokenPay and Litecoin might at first come unexpectedly for a very conservative institution like us. But we have thoroughly and diligently examined the prospects of a common future, and we became convinced that the future of banking will make adoption of such modern payment methods inevitable. We are therefore proud to have teamed up with the best in the field,” Matthias von Hauff, founder, and CEO of WEG Bank AG, said.

With its partnerships with Litecoin Foundation and WEG Bank, TokenPay expects to add several hundred thousand customers to its debit card solutions platform in the near term.