Litecoin (LTC/USD) has emerged as a favourite among cryptocurrencies with payment utility. In recent weeks, the LTC network has formed strategic alliances, which has increased interest in this cryptocurrency and propelled it to historic highs.
In just a few days, the number of Litecoin transactions has risen to more than 140,000. Earlier this month, the number of LTC transactions had plummeted to around 100,000.
Litecoin Launches Visa Debit Card
As previously stated, Litecoin is a very useful payment method. The network announced the launch of the Litecoin Visa Debit card to increase this utility. The Unbanked fintech firm provides the technology that powers the debit card.
The card is being linked to the recent increase in Litecoin transactions. According to the card’s homepage, after creating an account, a user must deposit Litecoin into a specific wallet address. Users have an easier and more convenient way of spending their Litecoin with the over 50 million merchants who accept Visa when using this method.
The card is also user-friendly, and it has begun to attract users due to its simple and quick sign-up process. Following the completion of a KYC requirement, the user will receive their virtual Litecoin debit card.
Litecoin’s Use Cases Increase
The Litecoin network was established to serve as a viable alternative to gold. When it was first introduced in 2011, the coin was dubbed “digital silver” because it came in second to Bitcoin’s use cases.
According to current data, approximately 3111 businesses worldwide accept LTC as payment. This represents a significant increase over the 2230 businesses that accepted the coin last year. While this could be attributed to growing crypto adoption, data shows that it trails Bitcoin in terms of gaining endorsements, as the number of merchants accepting LTC is less than half that of merchants accepting Bitcoin.
Following the recent partnership between Verifone and BitPay, the number of LTC transactions is expected to increase. BitPay is a cryptocurrency payment processor that accepts LTC as well as other cryptocurrencies. This collaboration will make LTC more accessible to the large number of customers who use Verifone’s large point-of-sale payment processors.
Source: Bitcoin warrior