Using currencies like Bitcoin and Litecoin in physical retail spots is still not widespread, as most shops haven’t caught up with accepting these digital coins as payment forms.
The Fiat conversion systems associated with crypto often face regulatory hurdles, are difficult to acquire, and come with hefty usage fees, a problem the Litecoin Foundation aims to tackle. LTC Introducing an innovative debit card, Litecoin's partnership with Bibox and Ternio aims to cross new frontiers in digital payments.
Announced via a press release, a coalition between Litecoin Foundation and crypto partners Bibox and Ternio is set to debut the 'Litecoin BlockCard'.
Announced Tuesday This innovative debit card will enable users to utilize LTC, Bibox Token (BIX), or Ternio (TERN) in both online transactions and physical retail outlets, provided they accept card payments.
This joint effort sees Ternio providing the cutting-edge BlockCard tech, Bibox offering an exchange and security system for card assets, and Litecoin Foundation lending its influence to promote wider use.
Initially, the BlockCard will be made available to U.S. clients—despite some reservation over crypto regulation—and plans are underway for a subsequent global release.
To facilitate transactions, users will need to deposit their LTC, BIX, and TERN into LoafWallet, the dedicated Litecoin digital wallet.
Litecoin's founder, Charlie Lee, expressed enthusiasm over the collaboration, seeing it as a step towards making Litecoin more usable in everyday transactions.
Echoing this sentiment, Bibox's co-founder Aries Wang emphasized that BlockCard represents a significant leap forward for consumers wishing to pay with crypto easily.
Meanwhile, Coinbase, a major player in the crypto industry, is expanding its debit card offerings into new markets beyond its initial UK rollout.
Spending Crypto “IRL” Goes Big
As reported by Blockonomi earlier, the Visa debit card funded by assets like Bitcoin and Ethereum is now available in major European countries such as France and Germany. reported Coinbase UK's CEO, Zeeshan Feroz, noted intentions to extend this service to the U.S., offering a sneak peek into the card functionality for those unfamiliar with it. Coinbase The Coinbase Card lets users make payments worldwide, converting crypto to fiat currency on-the-spot for transactions, whether through contactless payments or ATM withdrawals.
Curiously, the Coinbase Card operates separate from the main website or app, using a dedicated application to determine which crypto wallets fund spending.
The payments platform, working in conjunction with Gemini's Winklevoss twins, recently brought out their headline product, Spedn, allowing digital currency use for everyday purchases.
Though it’s unknown how widely accepted this innovation is thus far, it's encouraging to see digital currencies gaining more mainstream ground.
Across the pond, Flexa Tyler and Cameron Winklevoss expand their crypto acceptance scheme beyond just Starbucks, bringing digital currencies like Bitcoin and Ethereum to stores like Nordstrom and Whole Foods.
With years invested in following crypto trends, my industry insights are regularly featured across top publications like LongHash and Decrypt.
Dojima Network is establishing a base for a Web3 that truly communicates across platforms and services. https://t.co/ftcn7tNX1T by @DelRayMan via @Forbes #Consensus2019 #NYCBlockchainWeek pic.twitter.com/lyJlwNiCKp
— Forbes Crypto (@ForbesCrypto) May 13, 2019
