TokenPay, a decentralized and self-verifying payment platform project, announced that it had officially closed a deal with German bank WEG in Berlin.
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 regulation approval.
In the announcement by TokenPay, it was declared that the proceeds of this transaction were derived from the firm’s December 2017 token sale.
“Today we are announcing that we have officially closed a deal with WEG Bank AG, located in Germany.”
#TokenPay Announces Acquisition of 9.9% of WEG Bank AG in Germany with Option to Acquire an Additional 80.1% upon Approval.🔥Full Details Here: https://t.co/FV3u0tjEoi$TPAY#TPAYpic.twitter.com/bGmuEvcXmu
— TokenPay (@tokenpay) 9 May 2018
According to TokenPay’s white paper, acquiring banks was stated as an eventual end.
The start-up said, “We were approached by WEG Bank in December 2017. The bank has an interest in offering FinTech solutions that will align itself with the new economy, while at the same time continuing to service its existing real estate client base in a traditional fashion. Our leading technology complex is what ultimately afforded us the opportunity to be selected by the bank for this partnership.”
TokenPay stated that they have recently been approached by a bank in Lichtenstein with a similar type of proposition. The tokenPay team is planning to meet with the bank in June and to form a Similar Partnership with the one formed with WEG Bank.
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