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Litecoin (LTC) Founder, Charlie Lee, Says No Money Paid In Acquiring Stake In German Bank

Litecoin (LTC) Founder Charlie Lee has initiated an Ask Me Anything (AMA) on Reddit to proffer answers to certain gray areas regarding Litecoin Foundation’s partnership with TokenPay which resulted in the later transferring 9.9% stake acquired in WEG Bank to Litecoin. Charlie made it clear in the update that Litecoin Foundation did not pay anything in the acquisition of the said stake.

In the introductory message posted on Reddit, Charlie highlighted that there is a very clear difference between Litecoin and the Litecoin Foundation.

He said Litecoin is a decentralized network and currency while Litecoin Foundation (LF) is a centralized non-profit organization with the mission of advancing the development, adoption, and usage of Litecoin.

While reiterating that he created Litecoin, Charlie also confirmed that he is the Managing Director of the LF.

He said, “Litecoin doesn’t need LF or me for that matter, but I’m working hard with LF to make Litecoin a success”.

“If LF is not doing a good job, nothing prevents another organization to step up and do better. This exact situation actually happened last year when the LF came into existence because the Litecoin Association wasn’t doing a good job.”

He clarified that money invested into buying LTC does not go to the pocket of LF. However, Charlie is of the opinion that LF is working for Litecoin users for free to help increase the value of their investment.

Litecoin Foundation Partners TokenPay

Charlie continued by letting the crypto space understand that Litecoin Foundation is the firm that partnered with TokenPay Swiss AG (TP) in a deal to acquire a stake in a German bank, WEG Bank AG, and the partnership is not between Litecoin and TokenPay.

“This partnership is between LF and TP. The deal is that LF receives the 9.9% stake in the bank in exchange for technical work and marketing support for TokenPay, eFin decentralized exchange, and integration with the bank,” he said.

“To be clear, LF did not pay any money for this stake in the bank. The plan is also for me to get a board seat at the bank.”

Litecoin In The Market

The market is full of euphoria and most coins in the market are appearing with green colour as they stand to add more to their value as time pass by. Litecoin, the 6th largest coin according to market cap, known for its proficiency in everyday use is among the greener in the market today.

Even though Litecoin is ranked 6th on the table, it is sometime regarded among the first three most popular coins in the market.

Today, according to coinranking, Litecoin is been priced 84.13 against Dollar after adding 0.45% to its value in the last 24hrs. Similarly, in the last 7 days, the altcoin added 10.23% to its value. In a contrary manner, the last 30 days of the altcoin was featured with a drop in value when comparing the starting value ($96.74) with the present value. Litecoin’s value in the last 30 days dropped by 13.70%.

The present market cap of Litecoin is $4.83 billion, while $275.76 million represents its 24hrs trade volume.

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Litecoin (LTC) Foundation Has Problem Opening A Bank Account Says Charlie Lee

Litecoin founder, Charlie Lee, has disclosed that its foundation which oversees all affairs related to the cryptocoin was having trouble getting a bank account, resulting in the firm buying a stake in a Germany-based WEG Bank.

Charlie made this disclosure today in an interview with Cheddar, a New York City-based platform covering the latest in business and tech news.

“Like many crypto-related companies, @SatoshiLite says the @LTCFoundation was having trouble getting a bank account, so they decided to buy a stake in a German bank and are working to make the banking industry more crypto friendly from the inside,” Cheddar quoted Charlie as saying.

Crypto-related firms have problems relating with conventional banks owing to the perceived threat it poses to traditional financial institutions.

According to Charlie Lee, the purchased stake will give crypto companies the opportunity to own bank accounts, debit cards, and other amazing solutions dedicated to crypto related business.

The newly purchased stake will give TokenPay (TPay) and Litecoin the opportunity to work together on some ideas. This will make TokenPay benefit from Litecoin’s technical ideas in the blockchain industry, Ethereum World News has learned.

Not long, TokenPay announced an extensive crypto strategic partnership with Litecoin, pointing that the recently acquired stake of the former in WEG Bank in Germany has been transferred to Litecoin Foundation in exchange for a “broad and comprehensive marketing and technology service agreement to benefit TokenPay and its related cryptocurrency and business operations”.

The partnership according to the release will give the two firms the opportunity to combine as a leading force in creating and delivering to the market modern consumer-driven crypto FinTech solutions.

Interestingly, since TokenPay has the options to purchase approximately 90% overall of the bank pending the customary regulatory approval, it therefore acquired another 9.9% of WEG Bank since the German law makes it clear that no entity can purchase more than 9.9% of a bank without regulatory approval.

In essence, TokenPay is waiting for the approval to buy the remaining shares of WEG Bank as contained in the purchase clause.

Meanwhile, Verge (XVG) among other allies of TokenPay will benefit from this partnership, hopefully.

As a sign of happiness, Verge on its official Twitter account showed its concern over the new development claiming it is a signal that Verge debit card is closer to the crypto community.

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