Lisk Partners With WEG Bank, TokenPay and Litecoin Foundation
During a livestream video, Charlie Lee, the founder of Litecoin, and Derek Capo, CEO at TokenPay, talked about the progress they have made since announcing their strategic partnership in July and mentioned that WEG Bank is now working with Lisk team.
Derek Capo stated: “So I think the number one thing is the bank right now is actually testing for corporations in their system. The company that they’re working with right now is Lisk to actually have the first corporate account as a test. Then once that’s done then they will onboard TokenPay and then the Litecoin Foundation to have the bank account. It’s taken a little bit longer than expected because it has just been, you know, obviously presenting to the government all of this stuff.”
Credits for the transcripts: Lisk Highlight
WEG Bank is a German credit institution providing banking products to housing industry: current and deposit accounts, financing for construction and renovation projects. In 2017 total assets of WEG Bank AG were € 53,58 milion (+73% compared to 2016), while the bank’s net income was € 0.
A detailed profile of the bank can be found here.
The bank has an interest in offering FinTech solutions that align itself with the new economy, while at the same time continuing to service its existing real estate client base in a traditional fashion. It is for that reason that the bank approached TokenPay in December 2017.
TokenPay, a decentralized platform for payments with self-verification, acquired 9.9% of the bank in May 2018. In addition, a purchasing option will allow it to increase its stake to 90% of the total WEG Bank, but TokenPay will be able to purchase the rest of the bank’s shares only when there will be the approval from the regulator. The aim of this acquisition is to use WEG Bank’s network to add several hundred thousand customers to TokenPay’s new debit card solutions platform. The Litecoin Foundation is also involved in this deal, offering technology and marketing services.
During the livestream, Capo highlighted that the bank is part of a network of 800 banks and the aim is to integrate cryptos in their services, even if not touching directly the cryptos but using external companies (like Lisk or TokenPay). This is the first phase of the initiative and it will take time to reach custodial services from WEG Bank.