Litecoin Foundation, that heads the LTC cryptocurrency with a capitalization of $ 4.1 billion, reveals the details about the development of the project. Recent achievements include a partnership with MeconCash, which opens the door to enable Litecoin (LTC) withdrawals to Korean Won (KRW) across South Korea.
We are thrilled to announce that Litecoin Foundation is partnering with MeconCash to enable Litecoin (LTC) withdrawals to Korean Won (KRW) at over 13,000 atms across South Korea. Read more: https://t.co/yJfSTkRoC9 pic.twitter.com/Mx1njs9AZb
— Litecoin Foundation (@LTCFoundation) February 27, 2020
Thanks to a partnership agreement between the Litecoin Foundation and MeconCash, more than 13,000 South Korea ATMs began supporting LTC.
South Korea is a vital market for Litecoin, mainly because most of Litecoin global transactions are processed by Bithumb.
Thanks to this, Litecoin owners are not only able to receive cash in any ATM but also send money transfers to South Korea. Users will be able to pay for games on the M.Pay network, which is managed by MeconCash.
According to the Litecoin Foundation, this partnership will get more opportunities in the near future.
“Through our partnership with Litecoin Foundation, we will grow the presence of Litecoin throughout the Korean market starting with the ATM withdrawal services,” said Chairman of MeconCash, Jo Jae Do.
In his opinion, this cooperation will increase the demand for ATM services not only among citizens within the country but also at the global level.
In turn, Charlie Lee notes that this step is also very important for the Litecoin ecosystem. LTC will be able to receive adoption across the South Korean market due to the possibility of paying for additional services using coins, and not just withdrawing funds to Korean Won.
At the moment, MeconCash serves more than 13,000 ATMs across South Korea. That is, the search for the necessary one will not be difficult for the owners of the LTC. Besides, cryptocurrency enthusiasts who used cryptocurrencies will now be able to diversify their assets and accept and send LTC easily.
Litecoin Features For The Long-Term Adoption
Besides, most of us are already familiar with the advantages of crypto over fiat. Unlike classical electronic money, transactions with which are easily tracked, it will not work to obtain information about the owner of the cryptocurrency.
Cryptocurrency is an independent monetary unit. Nobody regulates its emission and does not control the movement of funds in the account. This feature attracts many members of the Network.
Litecoin is the 7th largest cryptocurrency, also called “digital silver”. Litecoin integration will prove beneficial for the medium to the long-term growth of Litecoin, given that most users in the conventional financial industry are looking for an easy way to withdraw large amounts of capital in LTC.
The cryptocurrency has integrated the transaction management solution proposed by Bitcoin Core and the scalable Segregated Witness (SegWit) solution, as well as innovative solutions such as atomic swaps to increase user efficiency and privacy.