After several big news that made Litecoin one of the most attractive investments in 2019, the next innovation is a new crypto debit card. On June 18, in an official statement, the Litecoin Foundation announced the launch of the Litecoin BlockCard which will make it significantly easier for users to make crypto payments. In doing so, the foundation aims to further promote the adoption of Litecoin to help it become mainstream.
The news is likely music to the ears of investors who have decided to buy Litecoin since the beginning of the year. After all, there have been great news like this one all year long, which have led to the Litecoin price rising more than 300% (read more in our Litecoin analysis) since January. Now, they might see the LTC price rise even further.
Will Litecoin become mainstream soon?
The new offer has been developed especially for those who are waiting to use crypto like regular fiat money. Once the cryptocurrency debit card is launched, users will be able use it in regular and online stores worldwide that accept major credit cards.
The new crypto debit card of the Litecoin Foundation is not only intended to be used in the retail and the entertainment sector. It is also supposed to be used to pay for services, travel, hotels and much more. This way, Litecoin founder Charlie Lee hopes to improve Litecoin’s adoption and make LTC a mainstream payment method.
“This is an exciting partnership for us as it furthers the Litecoin Foundation’s mission to create more use cases for spending Litecoin in everyday life.”
This is how Litecoin’s crypto debit card works
Litecoin’s new crypto debit card is a cooperation of the companies Litecoin, Ternio and Bibox Exchange. The framework will be provided by Ternio. After all, the so-called Litecoin BlockCard will be a special edition of the Ternio BlockCard.
Payments will not only be possible with Litecoin (LTC), but also with the Ternio Token (TERN) and the Bibox Token (BIX). However, deposits can be made with different cryptocurrencies and then converted into one of the above mentioned cryptos.
The Bibox exchange will act as a custodian and hold the assets of the users. The trading volume of more than 200 million U.S. dollars of the crypto exchange is also to be used to guarantee liquidity for the transactions.
In addition, the cryptocurrency debit card will be integrated into the official Litecoin wallet, LoafWallet.
In the official announcement, the project is summarized as follows:
“Bibox Exchange and the Litecoin Foundation will integrate the debit card directly into the Bibox Exchange and LoafWallet – the official Litecoin wallet. Users will be able to access their cards directly within these ecosystems, giving them instant access to spend.”
The card will first be launched in the U.S.
The first to test the Litecoin BlockCard are the United States. Over the next weeks, those who are interested will be informed by the Litecoin Foundation on how to register to use its crypto debit card. Later, the offer will also be accessible to users based outside of the U.S.
According to Lee, this is what users can look forward to:
“Leveraging Ternio’s BlockCard platform with Bibox’s exchange engine gives Litecoin holders unparalleled access to use their LTC at merchants around the world.”
It’s not the only crypto debit card
Litecoin is not the only crypto project that has come up with the idea of issuing its own crypto debit card. One of the largest crypto exchanges, the American company Coinbase, offers a cryptocurrency debit card in six European countries, as well. Again, users can pay with cryptocurrency in any store accepting VISA cards.
No wonder then, that VISA has recently published a job posting in the field of crypto in March this year. The position the company was looking to fill was that of a Technical Product Manager at Visa Fintech at the company’s Palo Alto location.