With increased partnerships and realignments in the crypto sphere, Litecoin (LTC) has been missing one very critical support; a bank that they can fall back to in times of need. However this seems to be coming to an end after it has been revealed that the platform is set to own 9.9% of the German WEG Bank AG.
However, this is not an over the counter acquisition by the Litecoin foundation but has been made possible by TokenPay through acquiring stakes and trading it for its support technically in the future. According to reports, Litecoin has been dreaming of having a native debit card and a bank would have been ideal support through the TokenPay collaboration.
Litecoin (LTC) Need for Debit Card
Lately, some banks have been closing down accounts associated with digital currencies and this is one problem Litecoin, through TokenPay is trying to address and a bank they can channel their transactions is the only way out. The purchase price has not yet been made public with an indication that the outfit is willing to buy 80% of the German banking establishment.
A functional bank for the TokenPay and the coin collaboration is a major boost and will tackle the digital currency hiccups. If the plan works, Charlie Lee could come face to face with the challenges the overly regulated financial sector has been facing. This could be a good mass adoption strategy as it creates a frictionless environment to transact between fiat and the cryptos through a simple act of registering your credit card at your favorite exchange for fast transactions.
The major challenge that the LTC credit card is faced with is the digital coins volatility and this might keep merchants away from mass adoption. However, having a supporting payment processor to convert virtual coins instantly can cushion the currency fluctuations.
Charlie adds that “connecting cryptocurrency to fiat rails is very useful. We will have a say in influencing the banks to work on crypto projects,” he adds. Once traders and affiliates pass the Know your Customer and Anti-Money Laundering requirements, they are in for the long haul.
Litecoin (LTC) Gets Robinhood Listing Nod
In its quest to grow its presence in the global market, Robinhood exchange has added LTC. This is a major breakthrough for the coin given that the exchange App has become very popular among middle class investors. The choice to add LTC has been arrived at because the coin carries minimal regulatory risks.
Robinhood offers a better value proposition to LTC since the platform buys and trades digital coins without charging commissions directly. With the App, you can track market price performance and make the right buying decisions in real time. Robinhood and Litecoin are fighting for mass adoptions and the partnership is a sure fit for both. But with the exchange offering zero fee, LTC stand to benefit more.
TokenPay-Litecoin (LTC) Partnership Spikes LTC Price
TokenPay collaboration with the Litecoin appears to be an overdue venture to put a spike on LTC price. After the announcement on July 10, the LTC price enjoyed a good ride on the green trading zone. However the current market forces seem to have dampened the hopes for the coins long awaited breakout. The last 24 trading hours have seen LTC trade on the green at $77.12 with gains of 1.54% and 0.59% to the dollar and BTC respectively.
Litecoin (LTC) ranked 6th by market cap, the coin has managed a volume of $260.4million during the same trading session with much of these getting a push from OKEx and Binance with LTC/BTC and LTC/USDT being the days hit pairs.