Category Archives: Charlie Lee

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TokenPay Gives Litecoin Foundation 9.9% Stake in Germany’s WEG Bank

Cryptocurrency payment service TokenPay purchased a 9.9% stake in Germany’s WEG Bank, and gifted a 9.9% stake to the Litecoin Foundation to forge a partnership. In return for the stake, the Litecoin Foundation agreed to provide technology and marketing expertise for TokenPay’s blockchain initiatives including the TPAY cryptocurrency, eFin decentralized exchange, TokenSuisse asset management, WEG Bank’s FinTech platform, and a multi-signature transaction engine.

Charlie Lee, founder of Litecoin and director of the Litecoin Foundation, says, “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.”

The CEO of WEG Bank, Matthias von Hauff, says, “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.”

Under German law, no entity can buy more than a 9.9% share in a bank without regulatory approval. If TokenPay receives approval they plan on buying up all the shares of WEG Bank. This is a big if, since it would probably be the first time in history that a cryptocurrency firm purchased an entire bank, and would be major positive news for the crypto world. They want to keep the Litecoin Foundation on board as a strategic partner, so the Litecoin Foundation would keep its stake even if TokenPay takes over WEG Bank.

Due to its partnerships with the Litecoin Foundation, WEG Bank and Verge, TokenPay is expecting to get several hundred thousand customers when it releases its crypto debit cards. Indeed, the fact that TokenPay has a large share in a bank sets the foundation for an ideal fiat to crypto exchange service for cryptocurrency traders. Oftentimes, centralized actions by banks are the biggest hindrance to trading crypto for fiat, but since TokenPay now owns a part of WEG Bank, it is likely it won’t face much banking problems.


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Litecoin Payment Merchant LitePay to Cease Operations

After roughly a month of being in business, merchant processing platform LitePay from the Litecoin Foundation has abruptly ceased operations, having officially begun on 1 February 2018.

Internal disputes

With just over a month of operations and little to zero functional integration, the announcement still came as quite of a surprise; Keith Yong, director of operations, wrote a statement on the Litecoin Foundation blog:

“We wanted to inform you that a couple of days ago, the Litecoin Foundation was contacted by Kenneth Asare, CEO of LitePay, informing us that he has ceased all operations and is preparing to sell the company.”

 He continued:

“Prior to that, the foundation had approached Kenneth regarding his less than transparent nature with the company…”

Yong went on to explain that Kenneth Asare had been unable to give the Litecoin Foundation any proof of where the money was being spent and added that there were further complications.

Regret over hype

LitePay planned to offer LitePay Debit Cards which would have been capable of automatically exchanging Litecoin (LTC) into any fiat currency in the world, a simple tool enabling global transactions at the tap of a button. It had also been developed to enable LTC payments for retail, billing, donations and e-commerce.

The announcements of the coming LitePay release provided LTC with a few price boosts on the market, and naturally, the price has been in decline since the bad news.

Despite the setback, the Litecoin team remains optimistic. Yong further wrote in the announcement:

“Litecoin was doing perfectly fine before the promise of LitePay and will continue to do so.  The ecosystem is far bigger than one company and is continually growing with support from many others with market-ready products joining the space and fulfilling their promises to make it easier for the world to use Litecoin.”

Litecoin creator Charlie Lee also chimed in on the matter, apologizing over Twitter for creating too much hype:

“Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs. I am sorry for having hyped up this company and vow to do better due diligence in the future.”

But for now, at least, cryptocurrency and Litecoin fans may have to wait a while longer before an LTC payment solution is in place. It’s not to say that LitePay is entirely off the cards as Asare could decide to sell the project to a capable company with a strong development team.



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