The founder of Litecoin, Charlie Lee has published a special statement in which he clarified his position in the Litecoin Foundation and spoke about the future of the Fund after the purchase of shares in a German Bank WEG Bank AG. In his message, Lee mentioned the possibility of the Bank’s cryptographic services.
Last week, the Litecoin Foundation has acquired a 9.9% stake in WEG Bank through a new partnership with the company TokenPay, which operates in the market of cryptocurrency and Fiat payments. In exchange for the provision of its blockchain, logistics and marketing expertise for crypto and business operations TokenPay, Litecoin received 9.9% of the shares TokenPay in WEG.
In his post on Tuesday Whether he tried to “clarify some facts about the latest developments”, pointing out some of the details of the acquisition of the Bank and stated that the Fund “did not pay the money for a share in the Bank”. Li added that he expects a place in the Board of Directors of the Bank. With regard to the possible expansion of services in the field of cryptocurrencies, the founder of Litecoin said:
The best is that with this Bank we can create and provide our customers with cryptocurrency solutions such as debit cards, processing of sales data and other innovative solutions. However, even if the share and influence in the Bank not the fact that it will happen. We still need to work and be adopted by leading players in current financial systems such as Visa and SWIFT, but we definitely are much more likely to succeed now when we have a share in the Bank and banking license.
Lee said that while the Board of the Bank, it will positively affect the future use of cryptocurrency in the Bank’s activities. He added that, even if they are not able to work with the Bank in the development of cryptocurrency services, Litecoin Foundation will receive dividends from their shares.
While Lee criticizes the majority of the ICO “because many of them are outright fraudulent projects, and most will fail”, he spoke positively about ICO TokenPay. Lee said that neither he nor Litecoin Foundation do not own or plan to own tokens project TPAY. Lee is the managing Director of the Fund Litecoin.
At the moment the price of Litecoin (LTC) hovers around $ 90 billion, which is 18.03% more than the past seven days.