Recently, it was announced that the Litecoin foundation will release its own debit card. The upcoming card will give users the chance to spend their cryptocurrency either online or in physical store locations, anywhere across the globe where major credit cards are accepted.
The special edition Litecoin BlockCard is a collaborative effort developed by three crypto firms including Litecoin, Ternio and Bibiox Exchange. The main audience of the card is for shoppers and spenders who wish to use crypto as if it were cash.
The United States user-base will be the first customers with Bibox Exchange acting as a custodian of users’ funds, leveraging its $200+ million worth of crypto trading volume to help route the deposits and spending for users.
“The special edition debit card will first be released to United States residences and soon after for non-US customers. 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 mind behind Litecoin, Charlie Lee has said the new card will help push Litecoin into the mainstream for retail, services, entertainment, shopping, travelling and so on/
“Leveraging Ternio’s BlockCard platform with Bibox’s exchange engine gives Litecoin holders unparalleled access to use their LTC at merchants around the world.”
Litecoin has also said that it will get in contact with US-based customers over the next few weeks on how they can register for access of the card.
In terms of price, Litecoin is the fourth biggest cryptocurrency at the time of writing. The coin is worth $137.51 following a 4.43 percent increase over the past 24 hours.