Cryptopayments edge closer to an everyday reality with the announcement of the Litecoin Foundation’s Special Edition Litecoin Card.
The crypto community received an exciting announcement when the Litecoin Foundation revealed its plans to release a physical cryptocurrency debit card which will be called “Blockcard”. The initiative comes through the partnership of the Litecoin Foundation alongside Bibox Exchange and blockchain firm Ternio.
According to the post, the triad of companies will release the BlockCard which will allow users to spend their Litecoin funds both online as well as in physical stores around the world. The card will be able to utilize the Litecoin Cryptocurrency as well as Ternio’s and Bibox Exchange’s native tokens.
The collaboration of all three companies proved crucial as they each play a key role in the functionality of the card. The Bibox Exchange will act as the custodians of user’s funds and have the capability to leverage over $200 million dollars in trading volume. The card will be directly integrated into the Bibox Exchange as well as LoafWallet, Litecoin’s official wallet. Ternio’s role will be to host the exchanges on their dedicated blockchain platform ensuring smooth execution of the transactions.
The move to create a dedicated cryptopayment card, adds on to an increasing global trend which has seen a rise in major key players in the industry make the same move. Companies such as Bitpay, Wirex, Crypto.com and most recently Coinbase have all released cards that enable cryptopayments in both online and physical stores. The cards themselves are all handled and executed by credit card giants Visa who themselves have been recently looking for a ‘Technical Product Manager” with in-depth knowledge into the blockchain and crypto industry.
Litecoin creator and Managing Director of the Litecoin Foundation, Charlie Lee, commented on the official website announcement stating “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. Leveraging Ternio’s BlockCard platform with Bibox’s exchange engine gives Litecoin holders unparalleled access to use their LTC at merchants around the world.”
Sources: Litecoin-foundation.org, Cointelegraph