LitePay to Launch On Litecoin Network
What’s comes as a potentially game changing development for one for the top cryptocurrencies, users of Litecoin will soon be able to use LitePay to access their coins through real world cards which will help facilitate payments to businesses for everyday purchases.
Like the other top coins in the market, Litecoin has suffered a difficult first month in 2018 with the price dropping from a high of around $330 in December to around $157, at the time of writing.
The goal of LitePay, a service that is similar to BitPay for bitcoin, is to bring the speed and scalability of the Litecoin Network to the average customer trying to make purchases at brick and mortar establishments. It will allow retailers and businesses to accept Litecoin through instantaneous transactions and significantly lower fees than its competitor.
Before Christmas last year, the Litecoin Foundation announced that LitePay would be established as their payment solution but there was no launch date given at that time. We should expect to see the launch within the next week.
With bitcoin transaction fees still around $5.00 through similar services like BitPay, adding LitePay to the equation with the speed and low fees offered on the Litecoin Network will be a game changer for Blockchain based payment services and the market as a whole.
The potential for this is enormous and the gains that are likely to be made by Litecoin in the coming week, equally so. Once LitePay launches, customers will be able to sign up for an account and be given a Litecoin wallet with both desk top and mobile accessibility.
This wallet will also be connected to a VISA-ATM card, giving users the ability to exchange their Litecoin for cash and load cash into the card as LTC. A major step in the right direction, bringing cryptocurrencies further into the everyday retail space.
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