WEG Bank AG is a relatively small Germany-based bank that specializes in the real estate industry. Nowadays, this small bank has promising days for the future. In the latest litecoin news, three cryptocurrency companies namely TokenPay, The Litecoin Foundation, and Nimiq have acquired part ownership of a German bank. According to a report on cryptocurrency news outlet Coindesk, blockchain startup Nimiq recently acquired a stake in German bank WEG Bank AG after TokenPay and the Litecoin Foundation.
TokenPay and Litecoin Foundation 9.9 percent stake
Last year, TokenPay a secure cryptocurrency payment platform acquired 9.9 percent ownership of the German bank with additional options to purchase up to 90% of the bank pending the customary regulatory approval. Through a partnership between Litecoin foundation and TokenPay, Litecoin Foundation purchased the 9.9 percent stake in WEG Bank AG.
TokenPay went ahead to purchase another 9.9 percent stake in the bank. While the cryptocurrency companies could have acquired more stake, German laws limit foreign investors to only 10 percent ownership.
Nimiq (NIM) Purchases Almost 10 Percent Stake German bank
Nimiq, a decentralized payment system built on the ethereum network, has now bought a 9.9 percent stake in the same bank bring the ownership by cryptocurrency-related companies to 30 percent.
Elion Chin, the co-founder of Nimiq hinted at a partnership with blockchain platform Lisk (LSK) and a bright prospect for the bank partnerships. He said:
“With Litecoin and Tokenpay as existing shareholders, new clients including Lisk, and other key prospective partnerships, we believe WEG Bank is on the way to reinventing itself as a bank of the future.”
The bank’s CEO Matthias von Hauff said:
“With Nimiq, we have been able to develop not only a landmark payment interface which has the potential to revolutionize the way we deal with cryptocurrencies, but also an innovative and powerful partnership.”
Litecoin price prediction 2019 is set to take a new twist as Litecoin price surged by more than 20 percent amidst the current bitcoin bull run which started yesterday. At the time of writing, Litecoin to USD is trading at $86 and is still going higher judging by hourly Litecoin technical analysis.
Litecoin Price Prediction 2019-the future of Litecoin
Litecoin (LTC) seems to be advancing and becoming a better digital currency. Since it was experiencing lowest point for more than a year, at the end of 2018, Litecoin doubled its value. In December 2018, Litecoin was traded around $23, now it is close to touch $90.
Litecoin’s Founder, Charlie Lee, stated that he wants to make Litecoin more relevant. He said that;
“Fungibility is the only property of sound money that is missing from Bitcoin and also from Litecoin. Thus, as the scaling debate is already something that is being developed, privacy and fungibility are topics that must receive answers.”
The use of LTC in Venezuela is one of the reasons behind the growth, but it isn’t the only reason. The coin has been making a huge progress on the developmental front. The team behind it has sealed many high-profile partnerships and made privacy updates.
Lee maintained that the bear market gave the network an opportunity to build more and push products out. According to Lee, the network is looking at the ways to “add more fungibility into the Litecoin protocol.” Source: Coinpedia
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