Litecoin (LTC/USD) has become a favourite among the cryptocurrencies that have utility as a means of payment. The Litecoin network has made strategic partnerships in recent weeks which has increased interest in this cryptocurrency and pushed it to iconic highs.
The number of Litecoin transactions has increased to more than 140,000 in just a few days. Earlier this month, the number of LTC transactions had nosedived to around 100,000 transactions.
Litecoin Launches Visa Debit Card
As aforementioned, Litecoin has very good utility as a means of payment. To increase this utility, the network announced the launch of the Litecoin Visa Debit card. The debit card is powered through the technology offered by the Unbanked fintech firm.
The card has been attributed to the recent increase in the number of Litecoin transactions. The card’s homepage states that a user needs to deposit Litecoin into a specified wallet address after creating an account. Using this method, users have an easier and more convenient way of spending their Litecoin with the over 50 million merchants using Visa.
The card is also user-friendly, and it has started to attract users because of its easy and fast sign up process. This process includes fulfilling a KYC requirement, after which the user will receive their virtual Litecoin debit card.
Litecoin’s Use Cases Increase
The Litecoin network was launched to become a suitable alternative to gold. The coin even received the nickname “digital silver” because it came in as a close second to Bitcoin’s use cases when it was launched in 2011.
The current data shows that around 3111 businesses globally accept Litecoin as a means of payment. This is a major increase compared to the 2230 businesses that accepted the coin last year. While this could be attributed to the growing crypto adoption, the data shows that it is second to Bitcoin in gaining endorsements as to the number of merchants that accept Litecoin is less than half of the merchants that accept Bitcoin.
The number of Litecoin transactions is expected to increase following the recent partnership between Verifone and BitPay. BitPay is a crypto payment processor that supports Litecoin among other cryptocurrencies. This partnership will make Litecoin more accessible to the large clientele base that uses Verifone’s large point-of-sale payment processors.
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