Litecoin’s creator Charlie Lee has said that the Litecoin Foundation’s recent acquisition of a minority stake in WEG Bank AG could pave the way for new crypto services.
A week ago LF acquired a 9.9% stake in the German bank, as part of a partnership with crypto-to-fiat payments firm 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," Lee, who is also the managing director of LF, said at the time.
On Tuesday Lee provided more details about what LF hopes to achieve with the partnership. Lee also revealed that he could get a board seat at the German bank.
“Best case is that with this bank, we are able to create and deliver crypto solutions like debit cards, merchant processing, and other innovative solutions,” Lee wrote yesterday on Reddit. “However, even with a stake and influence at the bank, it’s not guaranteed that this will succeed,” he added.
Lee also said that as a board member, “I will have some influence on the direction”.
Meanwhile, Litecoin has performed strongly over the past 24 hours, amid a larger upswing affecting the wider cryptocurrency market. The coin has managed to break above the $90 mark for the first time in nearly a month. The coin rose to $93.65 in the early hours of today’s trading, which was its highest level since June 22. The Litecoin price has pulled back to lower levels in more recent trading.
As of 16:11 BST, the Litecoin price stood at $90.66, up 8.2% from the same time yesterday. The coin’s market capitalisation currently stands at $5.2 billion, according to data from Coinmarketcap.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.