According to the new blog post published by the Litecoin Foundation, the company has entered a partnership with two new firms — blockchain company known as Ternio, as well as the digital crypto exchange called Bibox. The announcement, published yesterday, June 18th, indicates that the three firms aim to collaborate on creating and releasing a physical debit card for cryptocurrencies.
The debit card will be known as the BlockCard and is supposedly going to allow coin holders to trade digital currencies online, as well as in physical stores. Further, the card owners will also be able to keep their coins, including LTC, as well as the two other companies’ native tokens, BIX and TERN.
Creating new use cases: Pay for goods and services with a crypto debit card
With the cryptocurrency trend continuously spreading, and the prices once again seeing constant growth, more and more store owners opt to start accepting digital currencies. This brings a larger use case for the coins, which is why it is likely that their prices are about to see significant growth.
The announcement also states that Bibox Exchange will be the custodian for the funds owned by crypto users. It will also leverage more than $200 million worth of crypto trading volume. As for Ternio, the company will provide a dedicated platform. The card itself will be directly integrated into Litecoin’s wallet, LoafWallet, as well as into the Bibox Exchange itself.
The Litecoin Foundation noted that this is an exciting partnership for the project, as it helps its mission of creating additional use cases for Litecoin. The company aims to allow coin holders to spend LTC in everyday life, and the new project is certainly a way in the right direction.
The Foundation has had this goal in mind for a long time, and this is not the first partnership that tried to achieve it. It also joined several other industry players that were willing to work on the creation of a crypto debit card. One example is Coinbase itself, the largest US-based cryptocurrency exchange, which launched its Visa debit card in six countries in Europe.
Allegedly, Coinbase users living in these countries can now use their coins to pay for goods and services with any merchant that accepts Visa.
In fact, Visa itself published a job opening in regards to crypto and blockchain only a few months earlier, in March 2019. The firm announced that it is looking for a Technical Product Manager, who would be working at its office in Palo Alto. Further, the job description also notes that candidates looking to apply must have a deep understanding of the crypto industry and DLT.
The crypto industry marches forward
It would appear that the recovery of the crypto industry continues to progress and that its future appears to be quite bright. More and more large corporations opt to join the industry, whether through partnerships with existing coins or by launching their own.
Facebook is one of the best examples, as the company has just published a white paper for its new Libra coin. The coin is expected to come in 2020, but the social media giant wanted to share its work early, and gather the users’ feedback. Moves like this will help further drive adoption, while projects such as the Litecoin Foundation’s new crypto debit card will provide a way for users to spend their coins, and thus give them great new use cases.