Derek Capo, the CEO of TokenPay, confirmed on Twitter that the company will purchase 9.9% in an undisclosed German bank. The company will then have the option to acquire the remaining balance after regulatory approval. The tweet did not mention Litecoin, as earlier media reports suggested that the acquisition could be executed in a partnership with the organization.
Earlier in April, Capo confirmed that a non-disclosure agreement had been signed with Litecoin. While Charlie Lee, the creator of Litecoin, confirmed that he is considering this banking solution in Germany, saying that “we’re exploring it.”
Capo has stated his intention to release the name of the bank next week.
“The key to making this all work is ecosystems, partnerships and constant communication with regulators. Buying a bank in Germany gets us a seat at regulator table, key to educating governments. As for LTC we can add to our bank, debit card, gift cards etc,” Capo further explained.
Eric is a Chicago-based freelance writer. He is passionate about cryptocurrencies and hopes his writings help grow the industry. Is his free time, Eric loves to golf.