Charlie Lee explained on Reddit the benefits of the partnership between Litecoin Foundation and TokenPay.
Charlie Lee pointed out that that LTC and Litecoin Foundation are the different entities, Litecoin Foundation is an organization, created to spread the adoption of LTC, and does it for free. Being a non-profit organization, Litecoin Foundation didn't pay anything for the stake in WEG Bank. The benefit here is mutual — Litecoin Foundation could issue its crypto card to promote Litecoin, TokenPay can get help with technical integration into the bank.
Actually, despite being heavily criticized, it’s very important for all crypto industry. Charlie Lee becoming the chairman of a bank can give many benefits to the whole industry. One of the things that crypto needs to go mainstream is easy crypto-fiat conversion, a gateway for entering. It would be enough to have only one gateway, to be able to convert fiat money to crypto, and then use it anywhere. LTC could heavily benefit from being the intermediary asset, like BTC.
Right now, there are tons of faster and cheaper cryptocurrencies, so LTC definitely needs to redefine its selling point. Turning it into the asset, backed by a bank, could strengthen its position as a digital silver. Charlie Lee is one of the smartest men in the industry, and all he cares about is the general adoption of cryptocurrencies. Money shouldn’t be his concern now, as he probably still has a lot of Bitcoins, mined in early days. He sold all his LTC, at peak, but nobody could have guessed in those days that it was the peak, everybody was busy with drawing 'LTC-to-$1000' charts.
Combined, the share in WEG bank of Litecoin Foundation and TokenPay equals nearly 20% of the bank, that automatically gives them a seat in the Chairman Council. Traditional banks dealing with crypto are one thing. Early crypto adopters managing the bank is another thing. Issuing crypto card, integrating crypto in the core of the banking system can be much more effective than all the previous attempts by other companies. So don’t blame Charlie Lee, say thanks to him.