Litecoin Foundation recently announced its partnership with blockchain technology project, MeconCash to integrate Litecoin (LTC) into its M.Pay platform. This deal will allow Litecoin holders in South Korea to withdraw their LTC in Korean Won (KRW) at over 13,000 ATMs across the country.
The financial market may be experiencing a bloodbath at the moment, but it’s not all bad news for the cryptocurrency community. Blockchain technology and cryptocurrency adoption got a nice little boost as Litecoin Foundation’s latest partnership means even more access to crypto payments and withdrawals in South Korea.
In a blog post published on February 28, creator of Litecoin and Managing Director of Litecoin Foundation, Charlie Lee expressed his excitement at the opportunity to broaden the LTC market.
“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,” He said.
This recent collaboration allows Litecoin holders to quickly convert their LTC assets into Korean Won and withdraw at the over 13,000 LTC enabled ATMs across South Korea. It also allows them to send remittances from overseas into Korea, which is currently an annual $6 billion market.
Streamlined Payment Options
In addition to easy withdrawals and remittances, Litecoin holders in South Korea can now also purchase products on MeconCash’s MeconMall, as well as pay for mobile games that utilize its proprietary M.Pay for rewards.
Responding to the partnership, Chairman of MeconCash, Jo Jae Do was equally enthusiastic about the new doors that have been opened.
“Through our partnership with Litecoin Foundation, we will grow the presence of Litecoin throughout the Korean market starting with the ATM withdrawal services. And with Litecoin Foundation as our partner, we are expecting to grow globally and see positive synergies in the upcoming future not only in the Korean market but also in the global market,” He stated.
Litecoin Foundation went to assure the users of more fruitful and exciting collaborations with MeconCash in the future.
Is Litecoin Rethinking its Expansion Strategy?
With this new partnership, it seems Litecoin Foundation wants to change its expansion strategy from previous ones that focused more on sponsorships showcasing LTC as the crypto protagonist of various global events. For instance, last July, Litecoin was named the official crypto of the Miami Dolphins.
Additionally, around a year ago, Litecoin Foundation also partnered with Glory Kickboxing in order to add LTC as a payment method on the kickboxing platform’s online shop, Gloryshop.com.
In any case, this news is seen as a welcome development in the crypto community amid the recent all-round drop in crypto asset prices. At the time of writing, LTC is exchanging hands at the $60 levels as crypto bulls attempt to make a comeback.