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Litecoin Charlie Lee: Deal’s from Bank Might Lead to New Crypto Services

Litecoin Charlie Lee: Deal’s from Bank Might Lead to New Crypto Services

July 18, 2018 9:31 am,

Charlie Lee creator of Litecoin could be made a board member at the German bank the Litecoin Foundation – the group in which he serves as managing director – recently obtained a stake in it. The deal in WEG Bank AG stake for a 9.9 percent deal resulted through a partnership with the crypto startup TokenPay, as previously reported in a local news and while the response on social media seems to have been mostly positive for Litecoin, Charlie Lee none the less took to Reddit on Tuesday to offer clarifications on the nature of the deal, the foundation’s involvement and what benefits and extra offer the arrangement could bring.

According to the Creator of Litecoin, Charlie Lee, the best-case scenario would see WEG Bank attempt to launch crypto services and products – but that’s not a done deal by any means, the litecoin creator conceded. He also added to this saying that “Best case is that with this bank, we are able to deliver and create crypto solutions like debit cards, merchant processing, and other innovative solutions. However, even if we hold a stake and influence at the bank, it’s not guaranteed that the idea behind us will succeed.”

Charlie Lee also clarified to them saying that the deal didn’t see the foundation spend any money, saying that the stake came “In exchange for marketing support and technical work for eFin, TokenPay decentralized exchange, and integration with the bank.”

“To be very clear on this he said, “LF did not pay any money for this stake in the bank.” The plan is also for him to get a board seat at the bank,” he explained.

Lee also said that there are still much work and problems to be solved to launch a crypto debit card for Litecoin. That being said, he also said owning a stake in a licensed bank gives the Litecoin Foundation “a much higher chance of succeeding.”