The South Korean cryptocurrency company, MeconCash has just teamed up with the Litecoin Foundation in order to integrate the LTC cryptocurrency associated with the latter. With this new collaboration, withdrawals on LTC to the Korean won will be more than possible across around 13,000 ATMs in the country.
The official announcement highlights that the cryptocurrency has been integrated on the M.Pay platform recently. This would mean that holders of LTC will now be able to easily access quick cash and in remittances to their friends and family in South Korea. Going off all the foundation published, the remittance market in the country processes more than $6 billion on a yearly basis.
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
Users of LTC will be able to buy goods as well as making payments on MeconCash’s MeconMall. It’s been highlighted that the new corporation between the two companies will see more partnerships being made in the future. The chairman of MeconCash, Jo Jae Do has said the following:
“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.”
Also commenting on the new partnership, the director has the foundation, Alan Austin said this:
“The ability to access cash through Litecoin at over 13,000 ATM’s opens the door to new opportunities within the Korean market and globally. With billions in remittances sent each year to South Korea, Litecoin (through its speed, security, and low transaction fees) offers significant advantages over traditional methods of sending money overseas through the M.Pay platform.”
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
