The foundation received a 9.9% stake in Germany’s WEG Bank AG from TokenPay in exchange for helping the latter meet its digital currency objectives.
Following this announcement, which was made close to 5 p.m. Eastern Time on July 10, Litecoin prices enjoyed gains.
The alternative protocol asset or “altcoin,” which is very similar to Bitcoin, rose to as much as $80.80 today on CoinMarketCap, which represented a 6.9% increase over the last 24 hours and a 5.4% gain since the start of the day.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
‘A Bold Move’
Some analysts spoke to the strategic partnership, emphasizing its implications for both the Litecoin Foundation and the broader digital currency space.
“This is a bold move from the Litecoin Foundation and groundbreaking for the crypto-industry,” said Mati Greenspan, senior market analyst for social trading platform eToro.
“The best way to improve financial services is to integrate with them and Germany is the perfect place to begin.”
Charles Hayter, co-founder and CEO of digital currency data platform CryptoCompare, also weighed in on the matter, describing the partnership as a “quite a bold change” in the Litecoin Foundation’s usual way of doing business.
Disclosure: I own some Bitcoin, Bitcoin Cash and Ether.