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  • Litecoin Foundation and TokenPay enter strategic partnership deal to buy a stake in  a German bank.

Litecoin is down 1.5% on a daily basis, changing hands at $78.49 to press time. The market value of the sixth largest coin dipped from $4.4B to $4.6B. However, despite the bearish momentum, the coin appears to hold better than other leading currencies, which may be attributed to the resect announcement.

Recently, Litecoin Foundation and TokenPay project announced a strategic partnership with the aim to buy a stake in a German bank, WEG Bank AG.  

TokenPay has already acquired 9.9% of the bank with the option to buy approximately 90% of the stake, upon the regulatory approval. This 9.9% stake was transferred to Litecoin Foundation in exchange for marketing and technology services, which will help TokenPay to speed up its ecosystem development and promotion.

“The partnership will focus on several key areas that have been identified by analysts as critical to the success of the enterprise. This includes, but is not limited to, the 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 and the TokenPay Multisignature Transaction Engine designed for processing fast and secure crypto e-commerce payments for merchants,” the press release goes.  

According to the release, the partnership will help the companies to deliver various consumer-driven crypto FinTech solutions.

“With the prominent addition of Litecoin as a strategic marketing, blockchain technology, and logistics partner in WEG Bank and its long-standing partnership with Verge Currency, TokenPay conservatively anticipates adding several hundred thousand customers to its debit card solutions platform in the near term. Accordingly, the technical expertise provided by Litecoin will be a tremendous benefit to the establishment of comprehensive automation guidelines and standards employed by the bank as it explores new market opportunities.”