Litecoin will be coming thousands of regular cash machines in South Korea. The Litecoin Foundation has just partnered with MeconCash, allowing ATM users to convert LTC to fiat at real world locations.
The partnership may serve to drive adoption of a crypto asset for which staying relevant seems a particular struggle.
New Partnership Enables LTC to Fiat Withdrawals at 13,000 ATMs
According to a recent press release, the Litecoin Foundation has just partnered with MeconCash, a South-Korean blockchain startup. Amongst other things, the partnership will allow users to exchange LTC for Korean won at more than 13,000 in South Korea. They can then withdraw the fiat currency for spending at shops not accepting crypto.
We are thrilled to announce that Litecoin Foundation is partnering with MeconCash to enable Litecoin (LTC) withdrawals to Korean Won (KRW) at over 13,000 atms across South Korea. Read more: https://t.co/yJfSTkRoC9 pic.twitter.com/Mx1njs9AZb
— Litecoin Foundation (@LTCFoundation) February 27, 2020
The deal will also see MeconCash integrate Litecoin with its MeconMall. Users can also use the crypto asset to pay for various digital goods, including mobile games.
Charlie Lee, the Managing Director of the Litecoin Foundation, commented the following on the recent partnership:
“Litecoin’s integration into M.Pay’s platform and large network of ATM’s is a big step toward expanding Litecoin’s footprint in the South Korean market.”
Meanwhile, Jo Jae Do, the Chairman of MeconCash agreed that the integration of Litecoin with the firm’s existing ATM infrastructure would drive LTC adoption in South Korea. He added that the partnership with the globally-recognised Litecoin Foundation would also allow for international expansion efforts by MeconCash too.
Can Partnerships and Upgrades Keep LTC Relevant?
In an increasingly competitive crypto market, it’s more difficult than ever to see how Litecoin uniquely solves any problem. Whilst Bitcoin seems to have the the “digital gold”/store-of-value use case all wrapped up already, other niches have no shortage of projects striving for market acceptance.
In the realm of strictly borderless payments, the likes of XRP, Bitcoin SV, DASH, or even stablecoins like DAI, USDT, or USDC, all offer strong competition to Litecoin. Meanwhile, the long running digital currency has scant smart contract development and lags way behind the likes of Ethereum and others.
Outside of ludicrously priced cryptocurrency ATMs and the odd real-world company accepting it, digital currency hasn’t really transitioned from the virtual to the physical world yet. Perhaps being able to use a fiat cash machine to interact with the LTC blockchain will create greater relevance for both the Litecoin and the wider industry.
A more ongoing development that may attract new users to the Litecoin camp is the implementation of the scaling and privacy technology Mimblewimble to the protocol. The upgrade would bring confidential transactions to LTC and serve as a live experiment of how the technology works on an established public blockchain network.
It’s worth noting that SegWit, an upgrade to the Bitcoin network, first went live on Litecoin. With the smaller network clearly willing to experiment with radical new tech, perhaps continuing to serve as a live test net for Bitcoin is Litecoin’s use case. Maybe it will be enough to keep the project relevant for some more time yet.
Related Reading: Bitcoin is “Right Where It’s Supposed to Be” as Investors Grow Fearful
Featured Image from Shutterstock. origin »
Litecoin Foundation объявила о партнерстве с компанией MeconCash, в рамках которого криптовалюта Litecoin станет доступна в более чем 13 тысячах банкоматов в Южной Корее. We are thrilled to announce that Litecoin Foundation is partnering with MeconCash to enable Litecoin (LTC) withdrawals to Korean Won (KRW) at over 13,000 atms across South Korea. Read more: https://t.co/yJfSTkRoC9 […]
Litecoin Foundation has partnered with South-Korean cryptocurrency company MeconCash to integrate Litecoin’s native cryptocurrency, LTC, on its payments platform. With this collaboration, LTC to Korean Won (KRW) withdrawals will be possible across more than 13,000 ATMs in South Korea.
Today, the Litecoin Foundation announced it has partnered with MeconCash to integrate Litecoin (LTC) into its M. Pay platform. This will allow Litecoin (LTC) to be withdrawn to Korean Won (KRW) at over 13,000 ATMs in South Korea.
South Korea plans to gradually allow corporations to begin trading crypto, according to the latest announcement by the Financial Services Commission. On Feb. 13, the SFC released a press release in which it outlined a phased lift on a ban…
Former South Korean lawmaker known for the Coin Gate scandal, Kim Nam-guk, has been declared ‘not guilty’ of all charges by court. According to a report from local media News1, a Seoul Southern District Court judge found Kim “not guilty”…
Litecoin’s price surged on Feb. 10, breaking out of its recent consolidation phase, as optimism around the potential approval of a spot LTC ETF this year continues to remain strong. Litecoin (LTC) rallied over 10% to an intraday high of…
South Korea should introduce cryptocurrency exchange-traded funds to stay competitive in global finance, according to the chairman of the Korea Exchange (KRX). In a recent interview in Seoul, chairman Jung Eun-bo stressed that with South Korea being the “third-largest real…
The CEO of a major South Korean P2P lender has been accused of using funds for a construction project to make personal crypto purchases. According to a report by local media outlet NBN Media, an unnamed investor and private equity…
The declaration of Martial law in South Korea on December 3, 2024, caused chaos for crypto exchanges like Upbit and Bithumb. The crypto exchanges experienced downtimes as investors rushed to manage their assets.
Bithumb announced that it will be launching $TRUMP meme coin on its platform with a base price of 53,350 won three days after its official launch. Bithumb, South Korea’s second largest crypto exchange, will launch the official Trump meme coin,…