LitecoinPool, one of the major mining pools for the Litecoin cryptocurrency, is adding a new setting that will make it easy for miners to show some support to the company behind the digital asset.
In a tweet published earlier this week, Charlie Lee, the Founder and Managing Director of the Litecoin Foundation, announced that the mining pool now has a new feature that will allow miners to send a percentage of the rewards they get for mining straight to the Litecoin Foundation.
— Charlie Lee [LTC⚡] (@SatoshiLite) February 9, 2020
Working Hard to Improve Litecoin for All
The purpose of the donations will most likely be to help in building the Litecoin Development Fund, and according to an operator of the mining pool, several miners have activated the feature and are now freely donating part of their block rewards to the company.
LitecoinPool is currently the second-largest mining pool in the world for the digital asset, coming in second after Poolin. By attracting miners to give to the firm, the Litecoin Foundation is hoping to have even more funds to help promote research and development and to provide users with more functionalities. Definitely, going to one of the largest mining pools to partner with you is a great way to get that done. However, it’s still unclear whether the same functionality will be provided to miners on other pools.
The cryptocurrency company also recently announced a partnership with Cred, a global cryptocurrency-based lending and borrowing platform, to offer interest on Litecoin collateral. According to a press release published earlier this week, the partnership will see Cred customers lock their coins with the company and earn up to 10 percent in annual interest.
Attractive Interests to Keep LTC Holders
With the partnership, Litecoin holders will be able to lend out their holdings at lucrative rates, in a manner not dissimilar to that of the decentralized finance solutions we have from cryptocurrency firms like Ethereum. However, users who would like to benefit from this will need to commit to the service for at least six months. Once they do, they’ll be able to get their attractive interests, with the option to even get paid in crypto or fiat currency.
The credit process will also be facilitated by several other Cred partners- including BitBuy, Uphold, and Bitcoin.com. Part of the funds obtained from the initiative will also be sent to the Litecoin Foundation to help with further development of the cryptocurrency.
Speaking with Cointelegraph, Alan Austin, one of the directors at the Litecoin Foundation, explained that the partnership would be able to expand the utility that Litecoin holders get for owning the digital asset.
“Strong use cases should be one of the most important considerations when evaluating cryptocurrency. In addition to Litecoin’s reliability, use for payments and excellent liquidity, the ability to earn interest at attractive rates through Cred’s platform further strengthens this use case,” he explained.