WEG Bank, a German-financial institution where Litecoin, TokenPay and Nimiq have 9.9% stake each, has secured a cryptocurrency trading and custody license in Estonia.
As contained in an update, the firm said the secured license is to be preceded by applying for security trading and custody license in Germany.
Mid 2018, TokenPay transferred its 9.9% acquired stake in WEG Bank to Litecoin in exchange for a technical expertise from the blockchain organisation.
The stake was a result of a partnership between TokenPay and Litecoin Foundation, which was birthed when the founder of the two firms disagreed over a partnership between Verge and Pornhub.
Charlie Lee, the creator of Litecoin, said Verge and Pornhub partnership was money-induced. The founder of TokenPay, Derek Capo, who donated a huge fund to the success of the Verge partnership, disagreed with Charlie Lee on the issue, saying he should not condemn the partnership since he did not donate anything into it.
Afterward, the two agreed to talk on global cryptocurrency adoption in a private message, and the outcome came out to be a solid partnership that resulted in Litecoin having 9.9% stake in WEG Bank, a share earlier acquired by TokenPay.
However, TokenPay as well acquired another 9.9 percent of WEG Banks total share, and the crypto firm promised to acquire close to 80 percent if the bank finally gets the approval to do so from the German authority.
In February, Today’s Gazette reported that WEG Bank’s CEO Matthias von Hauff and Charlie Lee met to discuss great developments ahead.
Although, it is not clear what the two discussed, however, it appeared that this particular progress should be part of their discussion.
Don’t forget that in April, Nimiq also acquired a 9.9% stake in the German Bank. WEG Bank has selected Lisk as one of the first set of crypto firms to operate a corporate account with the financial firm.
Meanwhile, WEG Bank has not said much about the latest development, but there is expectation the financial firm will make more announcement regarding it.
Provided the firm is sincere, a whole lot of crypto enthusiasts are looking up to WEG Bank to help the industry solve its banking-related woes.
