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Breaking News / Cryptocoins / Litecoin

Litecoin Price Up With News Of New Acquisition

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.

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As a key writer for Crypto Daily, Nathan’s role entails the creation of cutting edge news articles, reviews, press releases and general content creation. Nathan’s stories strive to include the most up-to-date cryptocurrency news and affairs, contributing to Crypto Daily’s growing network. Nathans previous experience as a researcher, working on University standard projects means he has a wealth of experience in writing, from academic thesis publication to independent research projects. By applying these research skills to Crypto Daily, we can ensure the content creation team really do know what they are talking about.