The Litecoin Foundation will collaborate with MeconCash, a South Korean crypto firm in order to start offering LTC to fiat withdrawal facilities in the country. The new partnership between both platforms will allow Litecoin to automatically integrate into the M.Pay platform and will also allow LTC withdrawals in the Korean Won at more than 13,000 ATMs in the country as we are reading more in the Litecoin news.
This is another milestone for the Litecoin Foundation which will go a long way to boost the adoption and usage for the blockchain project. The Litecoin Foundation will partner with MeconCash and will allow its holders to gain more access to quick cash and to also send remittances to their family and friends within South Korea. The country has a remittance market and a new project to grow by a rate of $6 billion each year. The Litecoin holders will be to use fiat to make any payments that they want and to buy new products on the MeconCash MeconMall. They will also be able to pay for games that will use M.Pay Blockchain for rewards. Charlie Lee commented:
“The arrangement to have Litecoin integrated into M.Pay’s platform, and a large link of ATM’s is a huge step toward the expansion of the footprint of Litecoin in the South Korean market. We are excited to collaborate with MeconCash for this project as they continue to expand their platform and provide users with additional services via which LTC can be used as well.”
The chairman of MeconCash Jo Jae Do explained:
“Through this new partnership with the Litecoin Foundation, MeconCash will grow the presence of Litecoin (LTC) throughout the Korean crypto market starting with ATM withdrawal services. With the Litecoin Foundation as our major partner, we are hoping to grow our services globally. We see positive synergies shortly in the Korean crypto market and in the global market as well.”
What is litecoin planning to do with this new partnership is to boost the adoption of the LTC. M.Pay has a technology that was developed by MeconCash is a blockchain technology protocol that is based on the SHA-256 and also South Korea. This network of the blockchain allows the users’ assets on the protocol to be transferred or traded between the different services. The company integrates point reward systems and the contents purchase as well as settlement. MeconCash includes Mobile Games, eCommerce, Crypto P2P service and Mobile Applications.
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