A little over a month after the collapse of LitePay, LiteCoin has joined hands with a big cryptocurrency exchange based in South Korea and a popular crypto wallet platform. The second largest cryptocurrency exchange in South Korea, Korbit, began offering support for Litecoin earlier this week while TenX also recently announced its wallet would begin supporting the altcoin.
On the TenX cryptocurrency wallet support for Litecoin was launched without a formal announcement since live testing had not been finalized and thus the firm needed to ease pressure on the systems. TenX has also indicated that it wants to offer a Litecoin card service as this is one of the features that had been promised by LitePay before the collapse.
“[We] are working with the Litecoin Foundation to introduce a co-branded card for which more information will be available soon. We hope to become the preferred payment platform for fans and owners of Litecoin,” wrote TenX in a blog post.
One of the promises LitePay had made was to enable the acceptance of payments by users in LiteCoin by facilitating instant conversions from cryptocurrency to fiat currencies and then depositing the amounts to a regular bank account in more than 38 countries.
LitePay had set a transaction fee of 1% which was supposed to be lower than typical credit card rates. This however did not materialize and development of the product was halted late last month.
Part of the reason the plan by LitePay collapsed was because of lack of transparency and trust issues with the Litecoin community offering fierce criticism. This came to the fore when the chief executive officer of LitePay, Kenneth Asare, asked for more funding without revealed how the initial funds had been used. With the community refusing to give more funding it was no longer possible to continue development.
However with the demise of LitePay, TenX is now expected to fill the void. Besides Korbit, there is also another South Korean virtual currency exchange which is expected to start offering support for Litecoin. In a tweet Wirex hinted that support for the altcoin is currently under development.
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