BANK DEAL UPDATE TokenPay and German Bank Reach Non-Binding Verbal Commitment on Partnership, Equity Stake and Product Integrations
TokenPay & German Bank Executives Conclude Months of Negotiations with a Breakfast Meeting of Key Stakeholders
Earlier today we announced on Twitter that we were able to reach a verbal commitment with an established German bank. The deal follows several months of negotiations and careful vetting of us as a partner by the bank and the completion of the formal financial audit of the bank conducted by Ernst & Young. It is important to note that the deal with this German Bank and us is only a non-binding verbal commitment. As it now enters into the formalization stage we intend to update the community as necessary.
A little history about the deal. We were approached by this bank back in December. Following a rigorous market review, it was our world class secure blockchain technology platform that allowed us to stand out from the pack. The bank approached us with the idea of offering TokenPay blockchain products to its customers. Immediately we sought to form a deeper partnership with the idea of an eventual acquisition of the bank following the necessary regulatory approval.
For this reason, we shifted gears and dropped the pursuit of the Vanuatu bank. Although we had an LOI in place to acquire a Vanuatu bank, the German bank is simply apples and oranges. Germany is the gold standard of EU banking and financial services. Literally no comparison can be made with Vanuatu. So we feel that this deal will materially exceed everybody’s expectations. It is a crypto first and only the beginning of an epic ecosystem that we are building out across the globe. More on this in later correspondence.
Provided that this deal is successfully closed, we will provide details of the new ownership structure at the bank and a full roadmap of planned product launches and integrations. This bank is planning to shift gears from a real estate bank in to blockchain technology products. And this bank chose TokenPay to partner with. We feel there has never been a stronger testament to our core blockchain platform, team and community.
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