Litecoin (LTC), one of the most popular and largest virtual currencies in the market has signed a new partnership with an Asian payments platform. The company MeconCash, which is currently offering financial services to individuals would make it easier to exchange LTC for Korean Won. The information was released by the Litecoin Foundation a few hours ago on its blog.
Litecoin Foundation and MeconCash Sign Partnership
The Litecoin Foundation was able to sign a new partnership with MeconCash, a recognized financial services platform located in South Korea. The main goal is to allow Litecoin to be withdrawn to Korean Won (KRW) at over 13,000 ATMs in the country.
This is certainly positive for Litecoin holders that will have the chance to get instant liquidity and also enjoy fast and cheap transfers all over the country. Moreover, individuals that send funds in LTC to local users will have the chance to sell the funds and get KRW in these ATMs located all over South Korea.
As per the report, the new partnership is just the beginning of future collaborations between MeconCash and the Litecoin Foundation.
Jo Jae Do, the Chairman of MeconCash said about this new agreement between the two aforementioned organizations:
“Through our partnership with Litecoin Foundation, we will grow the presence of Litecoin throughout the Korean market starting with the ATM withdrawal services. And with Litecoin Foundation as our partner, we are expecting to grow globally and see positive synergies in the upcoming future not only in the Korean market but also in the global market.”
Moreover, Charlie Lee, the creator of Litecoin and Managing Director of the Litecoin Foundation mentioned that this partnership will allow Litecoin to expand its services and footprint in the South Korean market. Meanwhile, Alan Austin, the Director at the Litecoin Foundation, said that Litecoin will offer significant advantages over traditional methods of remittances to send and handle money between borders.
At the time of writing this article, Litecoin is the 7th largest virtual currency with a market valuation of $3.86 billion and a price per coin of $60. This digital asset is now offering cheap and safe transfers that help Bitcoin’s network to become even more efficient. In addition to it, Litecoin developers are working in order to make LTC coins fungible through new privacy features.
In the future, we may see new partnerships between the Litecoin Foundation and other firms from all over the world.