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Among the recent developments in the crypto space include the creation of crypto cards that act and function as the traditional credit cards. Now, after the roll out of Coinbase crypto card, there is a new commanding player in this arena.
In a post in its blog yesterday, the Litecoin Foundation announced with joy that it is happy to introduce a special edition Litecoin BlockCard that is proposed to function just like conventional credit cards such as Visa, MasterCard, etc.
This new development is aimed at expediting the growth and acceptance of the crypto space by making it similar to the age-long traditional financial market. With these cards, crypto users are given the opportunity to perform online and local transactions without withdrawing or transferring funds from their wallet address. Like the well-known traditional credit cards, you can use these cards to make purchases in online and local merchants without breaking a sweat.
The Litecoin Foundation embarked on this daring yet exhilarating journey together with Bibox and Ternio – two starlet companies in the crypto sector, committed to up-scaling the ecosystem.
The Estonia-based crypto giant, Bibox, will play the role of the custodian of the users’s crypto funds, helping to route the deposits and spending of users via its multi-million dollar worth of crypto trading platform. Leveraging this huge crypto trading volume will go a long way to spike the success of the project. The Litecoin Foundation also stated that the debit card will be integrated directly into Bibox crypto exchange and the official Litecoin wallet dubbed LoafWallet. This will make it easy for Litecoin and Bibox users to gain uninterrupted access to cryptocurrencies in their wallet.
The special edition Litecoin BlockCard will be powered by Ternio’s BlockCard platform. Ternio is known for providing real-life application access to blockchain and crypto companies. Combining its unmatched expertise and Bibox large platform gives Litecoin (LTC)trade holders unparalleled access to their digital coin anywhere in the world.
The soon-to-be-launched debit card is proposed to function like other crypto cards in the category. LTC holders can access their wallet balance through the card both in online and at local shops. Besides enjoying uninterrupted access to their virtual coins anywhere in the world, this initiative also allows consumers to store their spendable value in Bibox Token (BIX), Litecoin (LTC)trade, or Ternio (TERN).
The Litecoin Crypto Card Will Be First Available to US Residents
The Litecoin Foundation announced that the card will be available to US residents upon launch. However, plans are underway to expand the list to include non-US residents as well. US-based LTC consumers will be notified on how to register for access to their card in the coming weeks,
Litecoin’s founder and Managing Director, Charlie Lee, commented on the BlockCard initiative saying “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.“
We will be sure to keep you updated as the crypto card hits the market in the coming weeks. Stay glued!