The Litecoin Foundation has confirmed CoinGate as the official payment processor for LTC. The information was released a few days ago by CoinGate on Twitter. Litecoin (LTC) is one of the most valuable virtual currencies in the market. CoinGate is one of the largest cryptocurrency payment gateways in the crypto world.
Litecoin and CoinGate Work Together to Process LTC Payments
CoinGate will be working with the Litecoin Foundation to process cryptocurrency payments. At the same time, the company will be exploring Litecoin’s Lightning Network. The Lightning Network (LN) is the second layer scaling solution for Bitcoin (BTC) and for Litecoin.
The Tweet uploaded by CoinGate reads as follows:
“We are thrilled to announce that LitecoinFoundation accredited CoinGate as the official, trustworthy Litecoin payment processor! With the confidence of the Foundation, we continue our work on upcoming Litecoin’s Lightning Network.”
We are thrilled to announce that #LitecoinFoundation accredited CoinGate as the official, trustworthy #Litecoin payment processor! With the confidence of the Foundation, we continue our work on upcoming Litecoin’s #LightningNetwork. More info on that soon! pic.twitter.com/gRhOwftlsJ
— CoinGate (@CoinGatecom) November 9, 2018
However, these are not all the news related to CoinGate and Litecoin. As per the Tweet, CoinGate will be releasing more information about the matter in just some time. Although it is not clear when they will make this information available they might have some announcements to make.
Benas Bizevicius, a data analyst and Bitcoin community builder in Vilnius, asked CoinGate whether they will start using the Liquid Network. The Liquid network has been specifically developed for cryptocurrency exchanges that want to process large transfers on the blockchain. In order to make that easier and faster, developers were able to build the so-called Liquid Network.
CoinGate commented that the liquid network is more relevant and useful for crypto exchanges rather than for payment gateways. So they informed that they are not planning to adopt or embrace it anytime soon. Nevertheless, they left an opened possibility for the future.
“But who knows how it will turn out in the future,” the company wrote.
The liquid network is more relevant to the exchanges, so currently we don't plan on it. But who knows how it will turn out in the future!
— CoinGate (@CoinGatecom) November 13, 2018
The Litecoin Foundation has also started to promote Litecoin payments using the #PayWithLitecoin hashtag on Twitter. Other virtual currencies followed the trend and decided to a similar campaign on social media. This helped Litecoin to be used in people’s daily lives and pay for basic things using LTC.
At the time of writing, Litecoin, as well as other virtual currencies, is dropping hard. It is the seventh largest crypto in the market with a valuation of $2.48 billion dollars. Each Litecoin can be purchased for $42 dollars. In the last 24 hours, Litecoin lost more than 15% of its value. Bitcoin, for example, has lost 12.5% during the same period of time.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.