The cryptocurrency created by Charlie Lee which is said to be the “silver to Bitcoin’s gold” is seeing a more real world use as South Koreans put Litecoin ATM withdrawals to action. The country will enable LTC withdrawals directly to Korean won (KRW).
Before this, we saw that the Litecoin Foundation said that it has teamed up with the South Korean peer to peer crypto trading provider MeconCash in order to integrate Litecoin onto its M.Pay platform. Following the completion of the project, we can see that the integration is expected to allow LTC to be exchanged directly to Korean won (KRW) as the latest cryptocurrencies news show.
The official announcement points out that this opens a lot of possibilities for overseas Koreans who can now benefit from the Litecoin ATM withdrawals and use LTC to send remittances to friends and family back in the country. The funds can be directly withdrawn in cash from an ATM, making it way more convenient for people who have no experience with crypto whatsoever.
“This is only the beginning of a fruitful partnership and users can expect to see more interesting collaborations between MeconCash and Litecoin Foundation in the future,” the Foundation added.
Also, the Litecoin ATM withdrawals align with the fact that the South Korean remittances market is worth approximately $6 billion per year in the country, as the announcement reads. Charlie Lee also called this partnership a “big step” for Litecoin as it extends its reach in South Korea.
“Litecoin’s integration into M.Pay’s platform and large network of ATM’s is a big step toward expanding Litecoin’s footprint in the South Korean market, and we are excited to partner with MeconCash as they continue to grow their platform and offer additional services through which Litecoin can be used,” Lee said.
The Litecoin ATM withdrawals are a hot topic in the altcoin news, coming in a period where LTC is struggling to break through the $60 region. At press time, LTC is at $59.70 with a weak momentum and a price that could breach its resistance levels and rise to new heights.
Meanwhile, the total cryptocurrency market cap is stable at $247 billion but still has a lot of upcoming work to match the highs set in February.
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