In a move aimed at making the banking sector friendly to cryptocurrencies, Litecoin founder Charlie Lee has acquired a stake in WEG Bank based in Germany. In a recent interview, Charlie disclosed that the Litecoin Foundation has been having challenges to open a bank account. He noted that he bought the stake so as to be part of the banking sector. Litecoin is working on launching Litecoin Debit Cards so as to facilitate payments.
Integrating banking and cryptocurrencies
Additionally, Charlie says that his move to get a stake in the banking sector is motivated by the vision by Litecoin to integrate the banking and cryptocurrencies worlds. The Litecoin Debit Cards will be the flagship and will help in offering both cryptocurrency and fiat accounts for bank customers.
The cryptocurrency innovator indicated that many banks have taken a conservative stand towards cryptocurrecies hence it has been hard to negotiate any partnerships. Many banks are reluctant to adopt cryptocurrencies either as policy set out by the regulators or as internal security measure. Many banks perceive cryptocurrencies as a threat not only to their operations but also to the entire financial sector. Charlie says he will be interested in addressing emerging trends the cryptocurrency world that may affect the banking sector.
Litecoin- TokenPay partnership
Litecoin has formed a partnership with TokenPay, which will allow the later to use Litecoin’s high-level blockchain infrastructure and capabilities. Charlie says Litecoin will be very useful in assisting TokenPay overcome blockchain-related challenges. He says that this will be done by having TokenPay connected to the Lightning Network. To accelerate this connection, Charlie will be leading a team that will be tasked with the development of TokenPay’s decentralized exchange. The partnership, according to Charlie, will be very helpful as both parties will pool resources so as to jointly address their common challenges.
Litecoin’s price drop
Commenting on the recent drop in the prices of Litecoin by nearly 30%, Charlie indicated that this will not in any way affect the adoption of his coin in the short-run. He is very optimistic that in the long-run, prices of Litecoin will pick up and the coin will perform better.