It was news that was perhaps too bizarre for crypto’s typically divided reactions.
First suggested Wednesday, the Litecoin Foundation, a non-profit that develops a program that powers a sixth-largest cryptocurrency, bought a stake in a really real, non-crypto bank. The pierce was met with acclaim and skepticism, though also a dumbfounded clarity of dishonesty from scarcely all sides.
Was it a pointer that crypto is apropos so absolute it will shortly overturn a order of banks?
Certainly that speculation was well-represented in a initial reactions…
Indeed, a news had imaginations handling during full speed, with some going so distant as to consider that a crypto attention competence be on a bank shopping spree.
What a companies said
But while some were looking into a presumably far-off future, others took a some-more totalled look.
First, there was a news itself. Specifically, a Litecoin Foundation acquired 9.9 percent in WEG Bank AG, a tiny organisation with one bureau in a German city called Ottobrunn.
It wasn’t all a Litecoin Foundation’s doing either. Rather, it bought a shares directly from a new partner, TokenPay, that offers blockchain instruments for businesses. In May, TokenPay announced it had bought 9.9 percent of WEG Bank AG, during a time observant it was going to assistance a bank rise fintech solutions.
The press recover also pronounced TokenPay had an verbal agreement to move another, “world renowned” association to a partnership, and that it was in negotiations with another bank in Liechtenstein.
As it incited out Tuesday night, a “world renowned” partner was Litecoin Foundation, a organization’s conduct Charlie Lee proudly announced.
A TokenPay worker after explained that a new partnership will assistance a bank promote and speed adult exchange regulating blockchain, during a same time shortening transaction fees.
A totalled look
But some in a village weren’t utterly prepared to fantasize.
Wasn’t a whole indicate of crypto to shun a universe of banks and build a new one, with no banks, no executive banks, no aged financial infrastructure and rules?
From this perspective, a news sounded unsatisfactory to some.
Others suspicion a news was simply overhyped.
Still, others had their sights bound a bit some-more resolutely on a charts.
While a news sounded diversion changing, it didn’t means any change in litecoin’s cost dynamics (on Wednesday, after a news broke, a cost spiked to $81). However, this is a distant cry from a cryptocurrency’s cost highs.
Litecoin has been on a downslide given Jan when it soared to $331, and it seemed a partnership has finished small to change that direction, something commentators were discerning to indicate out.
As a news shows, we only can’t greatfully everybody in crypto!
Charlie Lee (right) picture around CoinDesk archives
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