TokenPay completes acquisition of 9.9% of Germany’s WEG Bank

TokenPay completes acquisition of 9.9% of Germany’s WEG Bank

TokenPay has completed the acquisition of WEG Bank paving the way for one of the biggest consolidation in the cryptocurrency space. Under the terms of the agreement, 9.9% of equity interest in WEG Bank have been transferred to TokenPay Swiss AG. TokenPay has an option to acquire the remaining 80.1% stake upon customary regulatory approval. The company financed the acquisition with funds from a token sale carried out late last year

The purchase should go a long way in strengthening TokenPays profile as it continues to operate as a decentralized payment platform. WEG Bank and TokenPay will now be able to offer FinTech solutions to customers.

TokenPay has also opened talks with undisclosed Lichtenstein bank as it looks to pursue opportunities in the FinTech space. The Company plans to meet the bank in June in the hope of inking a deal similar to the one in place with WEG Bank. According to TokenPay its products and services are in high demand, something that it intends it capitalize on in the rapidly growing FinTech industry

The deal is also expected to bolster TokenPay blockchain technology ambitions. The firm has already announced a non-binding verbal commitment with a potential partner paving the way for it to gain access to renowned technology expertise.

Details of the deal wraps under the secrecy provisions NDA. The addition of a new partner with vast blockchain experience should help position TokenPay as a leading Fintech company in Europe.

Talk on the street is that the WEG bank deal could pave the way for future enrollment of Verge and Litecoin as part of the deal. Token Pay was among the first investors during Verge’s Pornhub crowdfunding campaign and ever since the entities have become close. A partnership between TokenPay, Litecoin, and Verge could have a big impact on the respective cryptocurrencies.