Lisk Joins TokenPay And Litecoin Foundation In Partnership With WEG Bank
In a recent Livestream video with Litecoin founder Charlie Lee and TokenPay CEO Derek Capo, it was revealed that the Lisk project is working with WEG Bank.
Lisk (LSK) is a blockchain application platform, established in early 2016 by Max Kordek and Oliver Beddows. Based on its own Blockchain network and token LSK, Lisk will enable developers to create, distribute and manage decentralized Blockchain applications by deploying their own sidechain linked to the Lisk network, including a custom token. Thanks to the flexibility of sidechains, developers can implement and customize their Blockchain applications entirely.
“Let’s see, yeah, I’d like to get into the bank update. So I think the number one thing is the bank right now is actually testing for corporations in their system. The company that they’re working with right now is Lisk to actually have the first corporate account as a test. Then once that’s done then they will onboard token pay and then the Litecoin foundation to have the bank account. It’s taken a little bit longer than expected because it has just been, you know, obviously presenting to the government all of this stuff.”
The Development So Far
In November 2018 TokenPay announced a partnership with WEG Bank. Share certificates representing 9.9% of the equity interest in WEG Bank AG have been transferred to TokenPay Swiss AG, along with options to acquire an additional 80.1% of the bank upon customary regulatory approval. The proceeds of this transaction were derived from their December 2017 token sale.
Following this, TokenPay and Litecoin agreed on Joint ownership of WEG AG Bank. This means that Litecoin and The Litecoin Foundation will be direct partners with TokenSuisse and will be aiding our efforts to ensure the infrastructure and development that is slated to support the bank and its features will operate on the latest and greatest innovations in the space.