In Germany: A conservative financial institution adopts Blockchain technology

An amazing partnership between the Litecoin Foundation and WEG bank AG shakes up the traditional German banking sector. The cryptocurrency company acquired a 9.9% stake in the bank following its collaboration with TokenPay Swiss AG, a decentralized and self-verifying exchange platform.

More modern banking mechanisms

The German bank operates as a regular financial institution providing credit, mortgage, mortgage and term loan verification services.

TokenPay was approached by WEG bank AG in December 2017 to find robust fintech solutions for the new economy while offering traditional services to existing customers.

Developing a banking platform in connection with TokenPay was an obvious choice, it would link cryptocurrency and fiduciary currency services. (a bit like Saifu ) It could eventually provide liquidity solutions while respecting the AML and KYC procedures as well as the German law.

The "high-level Blockchain mechanism capabilities" of Litecoin greatly benefit TokenPay. They will optimize several of these variants: the performance of its Blockchain, its TPAY token, its eFin decentralized exchange service and the cryptocurrency of the latter, EFIN.

A surprising partnership

The collaboration between TokenPay and WEG bank AG follows a logical pattern according to Matthias von Hauff, the CEO of the banking institution.

"The partnership with innovative institutions such as TokenPay and Litecoin could initially come unexpectedly for a very conservative institution like us. "

"We have carefully and diligently examined the prospects for a common future, and we are convinced that the future of the bank will make the adoption of modern payment methods inevitable, " he said..
The news is quite surprising, even for the most daring traditional institutions.

Charlie Lee, the general director of the Litecoin Foundation commented:

"I look forward to integrating Litecoin with WEG Bank AG and all the different services it offers to facilitate the purchase and use of Litecoin. I am also delighted by the support of Litecoin in TokenPay's eFin decentralized exchange service. "

It would be interesting to see the position of the German government vis-à-vis cryptocurrencies controlling a bank that would grant loans or even mortgages to members of the crypto-community. Nevertheless, it is obvious that sooner or later the number of banks using cryptocurrencies will increase.

What do you think of virtual currencies in the traditional banking sector? Let us know in the comments below.