<center>https://infos.link/wp-content/uploads/2018/07/Litecoin-book-760x400.jpg</center> <br/><em><strong>An amazing partnership between the Litecoin Foundation and WEG bank AG shakes up the traditional German banking sector. The cryptocurrency company acquired a 9.9% stake in the bank following its collaboration with TokenPay Swiss AG, a decentralized and self-verifying exchange platform.</strong></em>
<h2 class="fittexted_for_content_h2">More modern banking mechanisms</h2>
The German bank operates as a regular financial institution providing credit, mortgage, mortgage and term loan verification services.

TokenPay was approached by WEG bank AG in December 2017 to <strong>find robust fintech solutions for the new economy while offering traditional services to existing customers.</strong>

Developing a banking platform in connection with TokenPay was an obvious choice, it would link cryptocurrency and fiduciary currency services. (a bit like Saifu ) It could eventually <strong>provide liquidity solutions while respecting the AML and KYC procedures as well as the German law.</strong>

The <em>"high-level Blockchain mechanism capabilities"</em> of Litecoin greatly benefit TokenPay. They will optimize several of these variants: the performance of its Blockchain, its TPAY token, its eFin decentralized exchange service and the cryptocurrency of the latter, EFIN.
<h2 class="fittexted_for_content_h2">A surprising partnership</h2>
The collaboration between TokenPay and WEG bank AG follows a logical pattern according to Matthias von Hauff, the CEO of the banking institution.
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<blockquote>"The partnership with innovative institutions such as TokenPay and Litecoin could initially come unexpectedly for a very conservative institution like us. "

"We have carefully and diligently examined the prospects for a common future, and we are convinced that the future of the bank will make the adoption of modern payment methods inevitable, " he said..</blockquote>
The news is quite surprising, even for the most daring traditional institutions.

Charlie Lee, the general director of the Litecoin Foundation commented:
<blockquote>"I look forward to integrating Litecoin with WEG Bank AG and all the different services it offers to facilitate the purchase and use of Litecoin. I am also delighted by the support of Litecoin in TokenPay's eFin decentralized exchange service. "</blockquote>
It would be interesting to see the position of the German government vis-à-vis cryptocurrencies controlling a bank that would grant loans or even mortgages to members of the crypto-community. Nevertheless, it is obvious that sooner or later the number of banks using cryptocurrencies will increase.

<strong>What do you think of virtual currencies in the traditional banking sector? Let us know in the comments below.</strong>