TokenPay completes 9.9% acquisition of WEG Bank

An agreement was reached between TokenPay, a decentralized payment platform and self-auditing, and the WEG Bank AG in Munichbased in Berlin, Germany. TokenPay would have acquired certificates of action.

Understand the history of the agreement between the two companies

TokenPay purchased 9.9% of the shares in WEG Bank AG, with the possibility of acquiring 80.1% of the additional holdings, following the usual regulatory approval.

The transaction was finalized during the TokenPay token sale last December after months of talks and negotiations. On his page, TokenPay wrote :

Today, we officially announce the conclusion of a new partnership with WEG Bank AG, based in Germany. WEG Bank has also formalized this partnership via its website. Share certificates representing 9.9% of the interest in WEG Bank AG were transferred to TokenPay Swiss AG, as well as options to acquire an additional 80.1% of the bank, according to the usual regulatory approval. The proceeds from this transaction came from our ICO in December 2017. As indicated in our Whitepaper roadmap, we entered into this partnership in the second quarter of 2018, in line with our November 2017 projections.

TokenPay said:

We were approached by WEG Bank in December 2017. The bank has an interest in offering FinTech solutions that will align with the new economy, while continuing to serve its existing real estate clientele in a traditional way. It is our state-of-the-art technological complex that finally allowed us to be selected by the bank for this partnership. We believe that TokenPay's selection is a testament to our advanced knowledge and the incredible team that powers our platform.

The possible partnership with Liechtenstein Bank

TokenPay also claimed to have been contacted by a second bank about a minority stake and a similar partnership. According to the company's program, it will meet Liechtenstein Bank in June 2018.The collaboration could be done in the same way as with the German bank. TokenPay initially thought of buying a stake in a Vanuatu bank. However, it has been replaced by WEG Bank.

Recently, TokenPay concretized its partnership with the Verge (XVG) , with a donation of 66,550,000 XVG, or $ 2,660,000 to support the completion of fundraising.

Several crypto-currencies have tried to offer debit cards to their users - we can mention the LitePay platform, which has received financial support from the Litecoin Foundation. The LitePay project was unfortunately interrupted following a Reddit Ask-Me-Anything session.

What do you think of the partnership between TokenPay and WEG Bank AG? Do you think that a similar collaboration will be concluded between TokenPay and Liechtenstein Bank? Tell us in the comments section below.