Litecoin Foundation Announced Physical Debit Card

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The Litecoin Foundation has recently teamed up with Bibox Exchange and Ternio to bring customers a special edition Litecoin BlockCard. With this card, the three parties wish to help propel the adoption of cryptocurrencies by allowing customers to purchase goods and services with crypto.

Today, June 19, 2019, The Litecoin Foundation announced that they are teaming up with Bibox and Ternio. With their new card, cryptocurrency users will be able to spend their crypto anywhere in the world where major credit cards are accepted. The card will leverage the already existing Ternio BlockCard platform.

The users of the card will have the ability to deposit various cryptocurrencies. After, they can choose to keep their spending crypto in Litecoin, Bibox Token or Ternio token.

“Bibox has always positioned ourselves as being on the forefront of crypto adoption,” said the Co-Founder of Bibox, Aries Wang adding: “By partnering with the Litecoin Foundation and Ternio we are able to leverage Bibox’s robust exchange platform to help bring consumers more options to spend cryptocurrency with unprecedented ease.”

Bibox Exchange – The Custodian

The custodian role will be played by the Bibox Exchange. Today it has more than $200 million in daily trading volume and it will be the main router of user deposits and spending. At first, the crypto-friendly card will be released only to U.S. citizens, but all the parties promises that “soon after” they will expand the services to non-U.S. Citizens. The credit card will be directly integrated into the Bibox Exchange and LoafWallet which is the official Litecoin wallet. Users using these platforms will get a direct access to the crypto cards and could start spending immediately.

“This is an exciting partnership for us as it furthers the Litecoin Foundation’s mission to create more use cases for spending Litecoin in everyday life,” said Charlie Lee. “Leveraging Ternio’s BlockCard platform with Bibox’s exchange engine gives Litecoin holders unparalleled access to use their LTC at merchants around the world.”

The Litecoin Foundation says that within weeks they will notify their customers on how to register for access to their card. The Litecoin official wallet LoafWallet is available for iOS and Android devices. If you haven’t yet registered on LoafWallet, then do it, because that way you will receive exact updates on when the service goes live.

Has this affected the Litecoin price?

Of course, Litecoin experienced a severe price increase because of this news. Litecoin’s price was $130 around the time of the announcement, and recently it reached a new all-time high of $144. Now, after the weekend, it has leveled out at $135. All-in-all, this year, Litecoin has been one of the top performing assets. The cryptocurrency started this year with a price of $30 and now has grown out to $135. That’s approximately a 420% growth.


Image from The Litecoin Foundation.