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Litecoin’s own payment processor LitePay to launch in days

Blockchain Companies
Codemotion Berlin 2018

Litecoin (LTC) is one of the most established and stronger digital forms of money in the market. Since it was made in 2011, the engineers behind this digital money have been endeavoring to offer quick and cheap payments to users. The Litecoin Foundation had announced LitePay just before Christmas – yet the real date of the LitePay is expected this week. Currently, litecoin is in the top 10 of over 1,000 cryptocurrencies listed on coinmarket.

What is Litecoin: 

Litecoin is a peer-to-peer cryptocurrency that has gained fairly widespread adoption since its inception in 2011. Litecoin is a shared digital currency that uses a blockchain technology to effortlessly keep up a public ledger of all exchanges. Litecoin is utilized to exchange finances straightforwardly between people or organizations without the requirement of mediator, for example, a bank or payment processing service. According to coinmarket, the current market cap of litecoin is $7,552,927,930 USD. The following chart shows the current market cap of litecoin.

Source: https://www.coingecko.com/en

 

What is LitePay?

LitePay is like a debit card in which you can spend your litecoin using this debit card. It will automatically convert your purchases from LTC to USD. Inshort, LitePay is the payment processor of litecoin where retailers can accept litecoin payments instantly from anywhere in the world. Let’s take a look at some key features of LitePay.

LitePay Features:

  • Users can use LitePay’s retail, ecommerce, billing, and donation tools to just accept payments from customers anywhere on earth.
  • Capability to receive settlement from litecoin payments directly to the bank account in your own currency, with absolutely zero price volatility or risk.
  • Capability to manage litecoin finances in a single application with the secure open source wallet by litepay, which will be available for all major mobile and desktop browsers.
  • The LitePay card will let users load dollars using any litecoin wallet with 0% fees and get instant withdrawals from VISA compatible ATMs and spend with any VISA service provider.

A research analyst at Lombardi Financial, Palwasha Saaim called LitePay a ‘game-changer for litecoin’. She added: “It would allow businesses to accept litecoin without worrying about price volatility. “Payments would be processed by LitePay instantaneously and settled directly with their banks. “Take note that BitPay is currently charging about $5.00 transaction fees for processing Bitcoin transactions that take ages to confirm. “The best part is that litecoin users will be able to convert litecoins to dollars and vice versa through their Visa-compatible LitePay cards, which will be usable at all ATMs or businesses that support Visa payments.”

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