Charlie Lee, the founder of the seventh-ranked cryptocurrency Litecoin, has been asked by the crypto community about the reasoning of acquiring banking services such as WG Bank. He cleared the air on a Reddit post on July 17th owing it all to cryptocurrency services being more available for banks.

Litecoin recently acquired a 9.9% stake in German bank WEG Bank AG through TokenPay in a barter exchange for Litecoin’s Blockchain expertise and marketing. Thus in the Reddit post, Lee explains that banks could start offering crypto services soon which led to the barter deal for 9.9% of WEG Bank.

The post explained Lee hopes the deal made will help him receive a board position at WEG bank. With Lee in the primary seat of the board of the bank, he can influence cryptocurrency decisions on it which might not be possible if another person was on it.

When explaining how crypto services could be used in banks, he said, “Best case is that with this bank, we are able to create and deliver crypto solutions like debit cards, merchant processing, and other innovative solutions. However, even with a stake and influence at the bank, it’s not guaranteed that this will succeed. People have brought up valid concerns that we still need to work with and be approved by players in the current financial systems like Visa and SWIFT, but we definitely have a much higher chance of succeeding now that we own a stake in a bank with bank licenses.”

Not many founders of cryptocurrencies tend to praise other digital coins. However, Charlie Lee has time and again praised cryptocurrencies including Litecoin’s competitor Bitcoin. He tweeted on Monday, July 16th-

“There will be at most 21 million bitcoins in existence. There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. Once you have 1 BTC, buy all the shitcoins you want!

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