The Litecoin Foundation has announced a new debit card. The soon-to-be-released, special edition card will enable users to spend their cryptocurrency either online or in physical store locations, anywhere in the world where major credit cards are accepted. The card will support Litecoin (LTC), Bibox Token (BIX) and Ternio (TERN).
The special edition Litecoin BlockCard is a collaborative effort by three crypto companies: Litecoin, Bibox Exchange and Ternio. It’s developed for everyday shoppers and spenders who want to use crypto like cash.
According to the announcement, US-based users will be the first customers and Bibox Exchange will act as the custodian of users’ funds, leveraging its $200+ million worth of crypto trading volume to help route the deposits and spending for users.
“The special edition debit card will first be released to United States residences and soon after for non-US customers. Bibox Exchange and the Litecoin Foundation will integrate the debit card directly into the Bibox Exchange and LoafWallet – the official Litecoin wallet. Users will be able to access their cards directly within these ecosystems, giving them instant access to spend.”
Litecoin creator Charlie Lee says the new card will help propel LTC as a mainstream currency for travel, hotels, retail, services, entertainment and shopping.
“Leveraging Ternio’s BlockCard platform with Bibox’s exchange engine gives Litecoin holders unparalleled access to use their LTC at merchants around the world.”
Litecoin says it will contact US-based customers in the coming weeks for instructions on how to register for access to the card.