It is become easier to use Litecoin for everyday funds due to several recent partnerships.
The number of Litecoin (LTC) transactions has rebounded to over 140,000 in recent days after falling near the 100,000 mark in early October. Three days prior, the Basis tweeted in regards to the launch of its LTC Visa debit card, powered by fintech agency Unbanked.
According to the card’s homepage, potential clients would first register for an LTC card account, deposit LTC into a specific wallet address, pass a Know-Your-Customer test and obtain a digital Litecoin card. The service claims that the sign-up process takes less than 5 minutes.
The card is supposed to allow customers to spend their LTC at all digital merchants that use Visa as their fee processor — a quantity the Litecoin Foundation estimates to be around 50 million.
The day after, the LTC Foundation issued another tweet about Verifone’s partnership with BitPay. Verifone is likely one of the world’s biggest point-of-sale payment processors, facilitating near $440 billion each year in annual transactions. BitPay is a cryptocurrency payment processor handling over 60,000 consumer transactions every month involving Bitcoin (BTC), Ethereum (ETH), LTC and extra.
LTC launched in 2011 with the stated objective of turning into “the silver to Bitcoin’s gold.” Based on data from Cryptwerk, there are actually 3,111 companies worldwide that settle for LTC directly as payment, up from 2,230 in the identical period last year. The digital currency’s merchant acceptance is at the moment barely lower than half that of Bitcoin’s.