The Litecoin Foundation partnered with TenX, a startup cryptocurrency payment platform, to try offering debit cards.
This is the Litecoin Foundation’s second foray into plastic after a largely hyped up but failed venture last month when its payment processor LitePay ceased operations.
“TenX recently added LTC to their wallets, and we are working with them to launch a LiteCoin debit card,” Charlie Lee, the Litecoin creator, tweeted. “Stay tuned for more information. LitePay who? #PayWithLitecoin”
TenX claimed that it added litecoin to its iOS and Android wallet apps without an announcement, because the platform wanted a small group of users to notice the newly listed crypto and live-test it for bugs before an official notification.
The startup said it hopes to produce a co-branded card with the Litecoin Foundation and has already successfully done so other cryptocurrencies, such as bitcoin and ethereum.
Litecoin was rated in a recent survey by Coinranking as the third most popular cryptocurrency among millennials in the U.S., though it currently has the sixth largest market cap after bitcoin, ethereum, ripple, bitcoin cash and EOS.
During the crypto’s debit card flop last month — LitePay announced in a statement that it ceased operations and would sell the company — litecoin experienced an 11 per cent price slide, though the two events were not directly related.
The cryptocurrency is very similar to bitcoin but is better-known for its faster transaction speeds and cheaper fees. Litecoin had one of the largest percentage gains among the world’s top 10 most-traded cryptocurrencies in 2017.
“A TenX Litecoin debit card makes it easy for people to spend Litecoins,” Lee said. “And it’s a great stepping stone towards paying with Litecoin directly.”