Litecoin (LTC), the seventh-largest cryptocurrency by market cap, can now be withdrawn in Korean Won (KRW) at over 13,000 ATMs in South Korea. According to the Litecoin Foundation, LTC is going mainstream in South Korea through a partnership with MeconCash. A Bitcoin spinoff, LTC allows people to make peer-to-peer transactions without a central authority.
MeconCash is integrating the cryptocurrency into its M.Pay platform, allowing Litecoin holders to send remittances to Korea from overseas and to access quick cash. Litecoin users will also be able to purchase products on MeconCash’s MeconMall and pay for mobile games that utilize M.Pay for rewards.
The partnership plans to deliver more services in the future. Says Jo Jae Do, chairman of MeconCash,
“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.”
Litecoin creator Charlie Lee continues to focus on large-scale partnerships that can expose Litecoin to a wide audience, collaborating with big brands across a range of industries including mixed martial arts, K-pop, DeFi and professional sports.
Lee says the new integration into M.Pay’s platform and across a large network of ATMs is a “big step toward expanding Litecoin’s footprint in the South Korean market.” It’s also a push for Litecoin into the country’s remittances industry which moves $6 billion annually.
Adds Alan Austin, director at Litecoin Foundation,
“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.”
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