Ever since the cryptocurrency sphere was met with the news of the partnership between Litecoin Foundation, TokenPay, and Verge (XVG), the idea of them coming together has been among the most controversial news to ever surface in the cryptocurrency world.
The collaboration managed to even draw the attention of one of the most renowned crypto-influencer and bitcoin campaigner, Tone Vays. In his usual style, Tone took to Twitter handle on hearing the news, tweeting and expressing his disapproval while criticizing the creators of the three cryptocurrencies for allowing such a move to occur.
In retaliation to the attacks from Tone, Charlie Lee, the MD, and founder of Litecoin (LTC) posted his clarification on Reddit on the 17th July in regards to the partnership. Litecoin’s CEO started by explaining the dissimilarities between Litecoin as a currency and Litecoin as a company.
In his remarks, he said that Litecoin as a blockchain and crypto network is a decentralized network, whereas Litecoi Foundation as a company is a centralized non-profit institution whose goal is to ensure Litecoin (LTC) is developed, adopted, and used. Charlie also mentioned that Litecoin’s cryptocurrency and blockchain technologies did not require his direct services at the moment hence his concentration on Litecoin Foundation.
Charlie Lee made his remarks known saying:
“If Litecoin Foundation (LF) is exposed to not doing a good job, nothing should prevent another organisation to step in and do a better job. This is the exact situation we are finding ourselves as it was last year when Litecoin Foundation came to the scene after it was found out that Litecoin Association was not doing a good job.”
Also, Charlie made it clear that when merchants and investors invest in Litecoin by purchasing LTC, the received amount does not go into funding Litecoin Foundation as the foundation is strictly structured to work for free to assist investors in profiting from their investments.
In their response, TokenPay describes their collaboration with Litecoin as developing a dominant force in building and delivering current consumer-driven FinTech solutions to the cryptocurrency market.
Recently, TokenPay hit the headlines with the news of its 9.9% acquisition of WEG bank, the highest percentage of ownership allowed in Germany without having regulatory approval. Entities can go ahead and acquire the remainder when they get formal approval from the relevant regulatory bodies.
According to Charlie, the collaboration between the crypto players is a huge win-win situation for all parties involved as others stand a chance to benefit from Litecoin’s advanced blockchain mechanization capabilities. Litecoin stands a chance to benefit from TokenPay’s connections with an established German bank that is sure to make it easier for potential clients to buy and trade using LTC.
Verge (XVG): The Important Missing Link
Previously TokenPay was already in an established arrangement with Verge cryptocurrency (XVG), and it seems that Litecoin’s criticism of Verge’s PornHub agreement was probably the original driving force that led to TokenPay and Litecoin into discussions. It was the back and forth between the cryptocurrencies that led them into coming together to create an undisputable team.
If the partnership between the trio cryptocurrencies holds and resist the pressures of splitting, they will be able to build and implement crypto solutions that can rival other innovative solutions such as debit cards and merchant processing.
The trio increases their chances of succeeding and being accepted by significant companies in the current financial environment such as SWIFT and Visa. They also stand a chance to benefit financially with their stake in the German bank.
However, one disadvantage the tri-partnership offers to the cryptos is damaging their reputations and image in case their agreement fails.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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