The launch of the Litecoin debit card is expected to facilitate online purchases and in stores that accept LTC as a payment method
Recently, in a publication of the official blog of the Litecoin Foundation, it was known that the organization has made an important alliance with the companies Bibox Exchange and the blockchain company Ternio, in order to launch a physical debit card to the cryptocurrencies market.
These companies hope to take out, jointly to the market, the physical card that receives the name BlockCard. According to the specifications of the publication, the card will be used to make purchases online, as well as to make payments in points of sale in physical premises.
The card, until the moment, will only be compatible with the cryptocurrencies of these companies, as well as may have all or any of those cryptocurrency within the account on which the card is supported. The referred cryptocurrencies are: Litecoin (LTC), as well as the tokens of native Bibox tokens (BIX) and (TERN) of Ternio.
Respectively, as part of the project, the exchange company Bibox will be in charge of being the custodian of the funds of the customers’ cryptocurrencies. It is known that their platform will allow users to carry out transactions in authorized cryptocurrencies, with a value equivalent to 200 million US dollars, so it will be able to support large volumes of transactions. In this sense, Ternio will be responsible for providing the platform that will be used for the project.
The Litecoin Foundation together with the company Bibox Exchange will integrate their platforms to the card, which will be supported directly with the official Litecoin and Bibox wallets.
The executives and spokespersons of the company have expressed their enthusiasm for the launch of this option for their clients and hope that this measure will be of primary interest for users who seek comfort when using crypto technology.
“This is an exciting partnership for us, as it promotes the mission of the Litecoin Foundation to create more use cases to apply Litecoin in everyday life. Taking advantage of Ternio’s BlockCard platform with the Bibox exchange motor gives Litecoin holders access to use their card in shops around the world”, they explained.
This announcement follows the measures of other companies that have decided to implement the use of cards for their clients of digital assets. A few weeks ago, Coinbase, one of the main exchange companies in the United States, launched in some European countries a cryptocurrency debit card that it created with the support of the multinational financial company Visa.
The proposal offered by Coinbase is that any merchant who receives cryptocurrencies and accepts Visa, may pay their purchases with said card.
In March, the interest of the financial firm Visa in exploring blockchain technology became even more known. For that reason, it published it was looking for experts in the area. Another similar development is Crypterium, which is a card that works with crypto funds convertible into fiat money. Its main advantage is that it can be used anywhere in the world. Cryptoactives now could be spent in almost anywhere. This is another step for these digital assets in constant change and development.
By María Rodríguez
