On Feb. 28, the Litecoin Basis announced a partnership with MeconCash to roll-out Litecoin (LTC) to Korean received withdrawals and remittances fr
On Feb. 28, the Litecoin Basis announced a partnership with MeconCash to roll-out Litecoin (LTC) to Korean received withdrawals and remittances from 13,000 ATMs in South Korea.
The partnership will see LTC built-in onto MeconCash’s M.Pay funds platform. Litecoin may also be accepted as fee on MeconCash’s retail platform MeconMall, and to pay for video games that settle for M.Pay rewards.
In accordance with CryptoCompare, 24-hour commerce between Litcoin and received produced practically $4.three million in commerce — comprising 0.82 % of whole commerce at press time.
Charlie Lee, the managing director of the Litecoin Basis, described the partnership as “an enormous step towards increasing Litecoin’s footprint within the South Korean market.”
In 2018, South Korea produced a file quantity of remittances with $6.25 billion value of transfers.
Cryptocurrencies compete for Asian remittance market
An growing variety of cryptocurrencies are looking for to seize the Asian remittance market, with Ripple launching a number of partnerships within the area throughout February.
On Feb. 25, Ripple introduced that South Korean cross-border remittance supplier and cash switch corporations Hanpass and Sentbe had joined its blockchain-based monetary providers community RippleNet.
The subsequent day, Ripple revealed a partnership with European cash switch supplier Azimo to make use of distributed ledger know-how for its remittance service into the Philippines.