Litecoin creator Charlie Lee recently acquired a stake in a bank which he explains will cater to his plans of opening its own merchant payment processor, Litecoin Debit Cards while making the banking industry more crypto friendly. As for the LTC price drops, Lee is completely unfazed as he believes with adoption, the price will catch up automatically in the long term.
Litecoin: Future of global transactions
The recent deal made by Litecoin Foundation with the German Bank started out on Twitter with the CEO of TokenPay, Derek Capo. Apparently, the payment processor, Token Pay has also been facing the same issues as of Litecoin which is getting bank accounts.
In a recent interview with Cheddar, Charlie Lee explained that Litecoin Foundation was having troubles with securing bank accounts. This situation is pretty common in the cryptocurrency world as a whole. He says that banks are conservative when it comes to dealing with cryptocurrencies.
So, instead, he decided to just buy a stake in a bank. He is basically trying to “work the bank from inside”. The idea is to try to get them to work more crypto-related things like debit cards, merchant solutions and to further allow customers to have both fiat accounts and crypto accounts in one bank.
Charlie Lee also talked about how Litecoin will help TokenPay through its high-level blockchain capability. In this strategic partnership, Litecoin will help them with their tech, while they helped Litecoin in securing this partnership with the bank.
Reportedly, they will help them in the technical blockchain development of their decentralize exchange along with other technical aspects.
Also, read: First Regulated Litecoin-Dollar Futures Launch a Magnificent Success
LTC Price Drop Doesn’t Faze Lee, Adoption is the Key
The primary focus of Litecoin, according to Charlie Lee is to increase its adoption. He clarified, LTC has done good with listings but needs even more adoption. Just recently, Robinhood, a popular commission-free crypto app added Litecoin (LTC) to their platform which as per Lee will make it easy for people to buy into Litecoin. However, the plan is to get support from a lot more companies and exchanges.
With the announcement of this stake, Litecoin managed to hit $80 before taking a downward slope again. At the time of writing, Litecoin has been at $77.67 price level with a slight upward movement. However, Lee isn’t worried about LTC price, he believes adoption is the key which might not get tracked in the short term but the prices will definitely catch up in the long term.
As for how is he planning to achieve this through the bank deal, Litecoin Foundation will be working on having their own merchant payment processor and making it easy to pay in both fiat and litecoin that will get into action with Litecoin Debit Cards.
The ultimate agenda of Lee is to have more adoption and making it easier to acquire and spend Litecoin by anyone and anywhere.
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Written by Anjali Tyagi @ https://coingape.com/litecoin-founder-charlie-lee-want-banking-industry-crypto-friendly/ July 13, 2018 Anjali Tyagi