Bitocoin Global News (BGN)
July 18, 2018 -- ADVFN Crypto NewsWire -- As many of you may
already know, the Litecoin Foundation recently acquired a 9.9% stake
in WEG Bank, a small German bank with only a few branches
to its name.
In that this stake also involves
Tokenpay, which is a firm that seems to have the sole goal of
ushering in the practice of normal, widespread usage of Crypto in
fiat-based banks, the whole situation might end up being more than
it seems.
Charlie Lee, the founder of
Litecoin, seems to be one person who definitely agrees with this
idea.
Reportedly, on Tuesday of this
week, Lee posted on Reddit in an
attempt to clarify the strategy behind the partnership. Most
likely, a large part of his motivation for doing so did, in fact,
stem from the skepticism that has arisen in the community, related
to the Litecoin Foundation’s investment.
Inside of the post, the first point
that he made was that the Litecoin Network and the Litecoin
Foundation are two separate and distinct entities and what one does
has little to no direct influence on what the other does, except in
the case of affecting the value of Litecoin as an asset.
In other words, he stated directly
that the Litecoin Foundation basically works for the Litecoin
Network’s users for free in that its overall aim is to do whatever
it can to increase the utility of, and therefore the value of,
Litecoin.
Later, however, is where his major
point on the subject of the strategy behind the acquisition
appeared.
While admitting that there are
still major hurdles to cross like receiving approval from important
legacy financial systems like Visa and the Swift network, Lee
seemed confident that Litecoin could lead the pack in terms of
providing legal, reliable Crypto services through traditional
banks.
With this in mind, one could say
that the opposition to Lee and the Litecoin Foundation’s goals will
always be there.
A major part of the Crypto
community believes that the only way that Crypto can and should
exist is in a decentralized fashion, which
means that it must be independent from existing
institutions.
On the other hand, Lee and the
Litecoin Foundation have now cemented themselves as clear leaders
of the pack in terms of pushing for cooperation with not only
regulators but also banks, in connection with those who have
already done so, like Coinbase.
In terms of the involvement
of Tokenpay, Lee seems to be trying to minimize it,
saying that he and the foundation have no intention of becoming
directly involved in the company by purchasing any of its
tokens.
Whatever the case, Tokenpay is
involved in WEG bank, side by side with Litecoin and its effective
governing body. Therefore, the success of such an endeavor depends
on all three parties.
If Tokenpay incurs any controversy,
so does Litecoin, and vice versa.
As the move pushes forward, all
eyes will surely be on all three companies and every move that they
continue to make.
By: BGN Editorial Staff
News:
Tokenpay
Litecoin
(LTC)
Cryptocurrency
Charlie Lee