TokenPay recently announced that it has secured a non-binding verbal deal with German Bank on a potential upcoming partnership. There has been a lot of speculation that the planned deal will involve an acquisition of German Bank and that the cryptocurrency firm?s recent ICO was aimed at providing funds for the acquisition.
The two have reportedly come to the agreement after lengthy negotiations that lasted months as TokenPay was vetted and the bank was subjected to a financial audit which was carried out by Ernst & Young. The blockchain firm revealed that the bank expressed interest in December last year after finding out through an extensive market review that the TokenPay blockchain platform was unique.
The German bank reportedly presented the idea of an integration that would allow products on TokenPay?s blockchain to be offered to customers. The blockchain company also revealed that after the pursuit of a deeper partnership, it is now planning on buying out the bank although the move is currently pending approval from regulatory authorities.
TokenPay also revealed that this is the reason behind its decision to stop pursuing an acquisition of Vanuatu bank. It turns out that German bank is a superior option considering that Germany is one of the top countries in regard to financial services and EU banking and for this reason, it seems like a better match for TokenPay.
The blockchain firm revealed that it would disclose the details pertaining the new ownership structure as well as integration and product launches. The acquisition plan also aligns with the bank?s goal of placing its focus away from real estate and instead focusing on blockchain products. This is a major step for the two especially towards forging the path for the future.
Meanwhile, there have been rumors that TokenPay and Verge were working on a potentially huge deal but those rumors have been shot down. This is in light of a recent crowdfunding by Verge which it said was aimed at securing funds for an important upcoming partnership. There was also a lot of hype around the crowdfunding through which Verge was able to raise 75 million XVG.
TokenPay CEO Derek Capo revealed through a tweet that his company is not involved in the mysterious partnership. Despite turning down the rumors about Verge-TokenPay partnership, Capo did confirm that the TokenPay team is working on projects that will involve XVG in the future. The TokenPay CEO also pointed out in one of his announcements that it is important for cryptocurrency communities to work together so that they can help propel blockchain technology and cryptocurrencies. The main idea is to make cryptocurrencies a part of everyday life by introducing more applications.
Meanwhile, Verge is expected to reveal the identity of the company it is partnering with, and recent announcement suggests that it is a key player in the digital payment market.
The news of the Verge partnership has caused a significant uptick in the price of the XVG coin. It also highlights the fact that Verge has been busy working on future developments.
Dippli is an independent media outlet that covers the current events in the crypto space. Got breaking news or a story to share? Then feel free to contact us at firstname.lastname@example.org.