On Feb. 27. 2020, Litecoin Foundation revealed it has partnered with South-Korean crypto company to integrate Litecoin’s native cryptocurrency, LTC, on its payments platform.
With the remarkable partnership, LTC to Korean Won (KRW) withdrawals will be made possible across approximately 13,000 ATMs in South Korea.
South Korea is a vital market for Litecoin, mainly because most of Litecoin’s global transactions are processed by South Korean Exchange Bithumb.
The digital currency has now been integrated into MeconCash’s ‘M.Pay’ payment platform, meaning that LTC holders will now be able to convert their digital assets to quick cash easily as well as send remittances to friends and family across South Korea.
Litecoin Foundation also revealed that currently, the South Korean remittance market processes over $6 billion annually.
Litecoin Foundation To Cement Its Presence In The South Korean Market
Besides being able to make payments, LTC users will also be able to buy goods on MeconCash’s online retail platform MeconMall and also pay for mobile games that use M.Pay for rewards.
The foundation also noted that this partnership with MeconCash would open the door for more collaborations in the future.
MeconCash Chairman Jo Jae Do state:
“Through our partnership with Litecoin Foundation, we will grow the presence of Litecoin throughout the Korean market, starting with the ATM withdrawal services.”
Similarly, Litecoin creator, Charlie Lee, suggested that Litecoin’s integration into MeconCash’s payment platform and an extensive network of ATMs is a huge feat because it will strengthen Litecoin’s foothold in South Korea.
Litecoin is one of the top digital currencies, and has been dubbed “digital silver”. LTC integration will prove beneficial for the medium to the long-term growth of the digital token, given that most users in the conventional financial industry are looking for an easy way to withdraw large amounts of capital in crypto.
The cryptocurrency has recently integrated the transaction management solution proposed by Bitcoin Core and the scalable Segregated Witness (SegWit) solution, as well as the innovative scaling and privacy technology Mimblewimble to increase user efficiency and privacy.
Can Such Partnerships Keep LTC Relevant?
Structured to foster ties with organizations that will benefit and grow the LTC ecosystem, the Litecoin Foundation has an innovative track record of partnering with both financial and cultural entities that share their vision.
However, the digital currency hasn’t really transitioned from the virtual to the physical world yet.
Perhaps the move to make it widely accessible via the M.Pay platform and users having the chance to use a fiat cash machine to interact with the LTC blockchain will create greater relevance for both the LTC and the wider crypto industry.