After falling to just 100,000 in October, the number of LTC transactions has increased to more than 140,000 in the last few days. Three days earlier, the Litecoin Foundation had tweeted about the launch its LTC Visa Debit Card, powered by Fintech firm Unbanked.
According to the card’s homepage potential customers will first register for a Litecoin Card Account, deposit LTC into a particular wallet address, complete a know your customer check and then receive a virtual Litecoin Card. According to the service, it takes less than five minutes to sign up.
The Litecoin Card allows users to spend LTC at any digital merchant that uses Visa as their payment processor. This number is around 50 million, according to the Litecoin Foundation.
The Litecoin Foundation posted another tweet the next day about Verifone’s partnership to BitPay. Verifone, which facilitates close to $440 million in transactions each year, is one of the largest point-of-sale processors worldwide. BitPay, a cryptocurrency payment processor, handles over 60,000 consumer transactions per month involving Bitcoin (BTC), Ethereum(ETH), LTC and other currencies.
Litecoin was launched in 2011 with the stated goal of being “the silver to Bitcoin’s gold.” According to data from cryptwerk there are now 3,111 businesses accepting LTC as payment directly from all over the world, up from 2,230 during the same time last year. The merchant acceptance of the digital currency is slightly lower than that of Bitcoin.