TokenPay completes acquisition of 9.9% of Germany’s WEG Bank
TokenPay, a decentralized and self-verifying payment platform project today announced that it has officially closed a deal with WEG Bank AG, located in Berlin, Germany.
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 obtained from TokenPay’s December 2017 token sale. As outlined in the TokenPay roadmap, the company completed this partnership during Q2 2018, in line with its November 2017 projections.
As discussed by the TokenPay team last month, it is important to understand the history of this deal, they stated:
“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. We feel that the selection of TokenPay is a strong testament to our advanced knowledge and the amazing team that powers our platform.”
Lichtenstein Bank and Partnership
TokenPay also 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 this bank in June and expects to be able to form a comparable partnership to the one formed today with WEG Bank.
Now that this deal has been completed, TokenPay further reported today that it has entered into a non-binding verbal commitment with a potential partner to bring its technological blockchain expertise to the partnership. The details of this potential deal are covered under the secrecy provisions NDA. However, the team does expect this deal to close by the end of the month.
This content was originally published here.