Litepay Inc to be Sold

Litepay CEO appealed to the Litecoin Foundation for additional funding, in which the organization denied him
27 March 2018   730

CEO of the processing service LitePay Kenneth Azare suspended all operations of the company and is preparing for its sale.

It turned out that Azare appealed to the Litecoin Foundation for additional funding, in which the organization denied him because of the opaque budget allocation and questionable management of the company.

We are greatly disheartened that this saga has ended in this way and we apologize for not doing enough due diligence that could have uncovered some of these issues earlier.  We are currently working hard to tighten our due diligence practices and ensure that this does not happen again.

Litecoin was doing perfectly fine before the promise of LitePay and will continue to do so.  The ecosystem is far bigger than one company and is continually growing with support from many others with market ready products joining the space and fulfilling their promises to make it easier for the world to use Litecoin.
 

Litecoin Foudation

The launch of the processing service LitePay didn't took place on the appointed day. It was expected that LitePay will become an analog of the popular Bitcoin-processing service BitPay, but for the Litecoin.

Litecoin Foudation to Purchase 10% of WEG Bank AG Shares

The acquisition of shares was the result of an agreement with the company TokenPay
11 July 2018   128

The non-profit organization Litecoin Foundation, which supports the popular crypto currency, announced the acquisition of almost 10% of the shares of the German bank WEG Bank AG.

As noted in the press release, the acquisition of shares was the result of an agreement with the company TokenPay, which operates with the transfer of assets from crypto-currency to fiat and vice versa.

It is reported that TokenPay transfers 9.9% of shares of the German bank WEG Bank AG to Litecoin Foundation to pay for technical support and the introduction of cryptocurrency payments for TokenPay customers.

This partnership is a huge win-win for both Litecoin and TokenPay. I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin. I’m also excited about Litecoin’s support in TokenPay’s eFin decentralized exchange.
 

Charlie Lee

Managing Director of the Litecoin Foundation

TokenPay purchased part of WEG Bank shares in May.

The partnership with innovative institutions such as TokenPay and Litecoin might at first come unexpectedly for a very conservative institution like us. But we have thoroughly and diligently examined the prospects of a common future, and we became convinced that the future of banking will make adoption of such modern payment methods inevitable. We are therefore proud to have teamed up with the best in the field.
 

Matthias von Hauff

Founder and CEO, WEG Bank AG

Rumours about possible cooperation between TokenPay and Litecoin Foundation appeared back in April.