Flexa, a recognized payment network for U.S. retailers announced that it has added support for Litecoin (LTC), the fourth largest crypto in the market. This is the first coin that the company ads to its network since it was launched in May this year and the fifth to be accepted by merchants. The information was released on Wednesday by Charlie Lee, the creator of Litecoin at the Asia Blockchain Summit in Taipei.
Flexa Adds Support For Litecoin
Charlie Lee said at the event held on Wednesday that he is excited to see Flexa help push mainstream adoption of Litecoin payments. Litecoin is a digital asset that is able to process faster transactions than Bitcoin (BTC), and for lower fees.
About it, Charlie Lee commented:
“I’m excited to see Flexa help push mainstream adoption of Litecoin payments. Being able to pay with LTC at all these new major merchants is great for the entire Litecoin community.”
At the moment, the SPEDN application is the first wallet that enables Flexa network payments for consumers and it is available to be downloaded for iOS. The Android beta launching is expected to take place on July 9.
Litecoin will be experiencing a new halving in August this year. We currently are 31 days away from August 5, the scheduled date for this halving. With it, Litecoin miners are expected to receive 12.5 LTC per block rather than 25 LTC as they are currently receiving. That means that inflation is expected to go down to 4.26% from 8.77% each year.
With a lower supply of Litecoin in the market and a growing demand for the digital asset, the price of this virtual currency is expected to increase. If Litecoin is accepted in many other stores, there are going to be new individuals trying to pay with this virtual currency that before they were not able to use.
Litecoin was created as a digital currency for daily payments such as groceries, a coffee at a shop or any other small purchase. Bitcoin was instead created as a store of value rather than a digital currency for payments.
At the time of writing this article, Litecoin is the fourth largest digital asset in the market. It has a market capitalization of $7.79 billion and a price per coin of $124. As reported by CoinMarketCap, the virtual currency grew 4.73% in the last 24 hours.
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