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TokenPay (TPAY), Litecoin, and Verge (XVG) alliance about to transpire

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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 Litecoin 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.

Image courtesy of Rawpixel/PixaBay

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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