The world’s seventh largest cryptocurrency, Litecoin, has recently been given a boost by a partnership that will enable fiat withdrawals at over 13,000 ATMs in South Korea.
Litecoin ATMs Open in South Korea
According to a recent announcement by the Litecoin Foundation, a partnership with MeconCash has been entered to integrate LTC into its M.Pay platform.
This will allow the crypto asset to be withdrawn in Korean Won (KRW) at more than 13,000 ATMs in South Korea.
We are thrilled to announce that Litecoin Foundation is partnering with MeconCash to enable Litecoin (LTC) withdrawals to Korean Won (KRW) at over 13,000 atms across South Korea. Read more: https://t.co/yJfSTkRoC9 pic.twitter.com/Mx1njs9AZb
— Litecoin Foundation (@LTCFoundation) February 27, 2020
The development will also allow Litecoin holders to send remittances to the country from overseas in what is already a $6 billion annual market.
Products on MeconCash’s MeconMall, and mobile games that utilize M.Pay for rewards, will also be accessible to LTC holders.
MeconCash is a blockchain technology project based in South Korea with a platform that allows user’s assets to be transferred and traded between different types of services.
The platform integrates point reward systems, contents purchase, and settlements which are currently operated separately between existing services.
Chairman of MeconCash, Jo Jae Do, stated: “Through our partnership with Litecoin Foundation, we will grow the presence of Litecoin throughout the Korean market starting with the ATM withdrawal services.”
Litecoin founder Charlie Lee had this to add: “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.”
It is hoped that the collaboration will help to increase adoption in one of the world’s most active crypto markets, South Korea.
The remittance market is a big deal with billions sent each year. LTC offers a number of speed and cost advantages over traditional methods of sending money overseas.
LTC Market Reaction
LTC prices had not moved much at the time of writing. Following a market-wide crypto crash this week, things were starting to find a bottom and even bounce a little.
Since Monday, digital asset markets have dumped almost $50 billion in a fall back to $245 billion in terms of total market capitalization.
Litecoin has declined from a Monday high of around $80 to bottom out 25% down at $60 before a slight recovery today.
Since the beginning of 2020 however, LTC has made almost 50% climbing from just over $40 to current levels. Its market cap is currently just under $4 billion.
It is unlikely any partnership is going to make a large impact on an individual crypto asset’s price as big brother Bitcoin is still in the driving seat when it comes to overall market sentiment.