According to a recent blog post published by the Litecoin Foundation, the company has entered into partnerships with two new companies, blockchain company Ternio and digital crypto exchange Bibox. The announcement was published yesterday, June 18, stating that the three companies will work together to create and release a physical cryptocurrency debit card.
The debit card, which will be called BlockCard, will reportedly allow holders to trade digital currencies online as well as in physical stores. In addition, cardholders will be able to keep their coins, including LTC as well as two other companies’ native tokens, BIX and TERN.
Creating new use cases: paying for goods and services with crypto debit cards
As the cryptocurrency trend continues to expand and prices continue to grow again, more and more store owners are choosing to start accepting digital currencies. This brings more use cases for the coins, which is why their prices may see significant growth.
The announcement also states that the Bibox exchange will become the custodian of cryptocurrency user funds and leverage over $200 million worth of cryptocurrency trading volume. As for the Ternio company, it will provide a dedicated platform. The debit card itself will be directly integrated into the Litecoin wallet LoafWallet, as well as the Bibox exchange itself.
The Litecoin Foundation noted that this is an exciting partnership for the project as it helps achieve its mission of creating additional use cases for Litecoin. The company aims to allow holders to use LTC in their daily lives, and this new project is definitely a step in the right direction.
The Foundation has had this goal for a long time, and this is not the first partnership that attempts to achieve it. It joins several other industry players willing to work on creating cryptocurrency debit cards. One example is Coinbase, the largest cryptocurrency exchange in the United States, which launched its own Visa debit card in six countries in Europe.
Coinbase users living in these countries can now purportedly use their coins to pay for goods and services with any merchant that accepts Visa.
In fact, Visa itself posted a job opening for cryptocurrency and blockchain a few months ago in March 2019. The company announced that it was looking for a technical product manager who would be based in its Palo Alto office. Furthermore, the job description stated that applicants must have a deep understanding of the cryptocurrency industry and distributed ledgers.
The cryptocurrency industry continues to advance
The cryptocurrency industry’s recovery seems to be continuing, and its future seems very bright. More and more large companies are choosing to join the industry, either through partnerships with existing coins or launching their own coins.
The best example of this is Facebook, which just released the white paper for its new Libra coin. The coin is expected to launch in 2020, but the social media giant wants to share its work early and gather user feedback. Moves like this will help drive adoption further, and projects like the Litecoin Foundation’s new cryptocurrency debit card will give users a way to spend their coins, opening up new use cases for them.
English 
Chinese (China) 
Chinese (Hong Kong) 