Breaking news from the Litecoin Foundation has seen Litecoin take a new direction. At the time of writing, Litecoin is up 0.87% and is only expected to rise through the day. Of course, this rise is only very minor, but given the current state of the markets, it is encouraging Litecoin to really stand out.
At the time of writing, Litecoin’s neighbours EOS and Stellar are down 7.78% and 5.25% respectively.
What’s happened that is taking Litecoin up?
According to Coindesk, the Litecoin Foundation have acquired 9.9% of German Bank, WEG Bank AG, after taking the share from TokenPay.
TokenPay purchased their share in May this year. In this move, they have now purchased another 9.9%, meaning TokenPay still hold an equal amount of shares, which compliments their plan to eventually buy the firm in its entirety. According to Coindesk, Charlie Lee, the founder of Litecoin has said:
“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.”
Moreover, according to Coindesk, Matthias von Hauff, the CEO of WEG Bank AG has said:
“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.”
You can see the full article for yourself, here.
This is an exciting move for Litecoin and indeed for TokenPay. It is clear that TokenPay do aim to take over the bank in the future, they have included this within their announcements. The addition of Litecoin into this project promises a lot for cryptocurrency adoption. Moreover, it reinforces an idea that one day, the failed project Lite Pay could be reborn. By working with TokenPay and WEG Bank AG, perhaps this will be Litecoin’s next step, hence why investors are starting to get excited.