The partnership will see LTC built-in onto MeconCash’s M.Pay funds platform. Litecoin will even be accepted as cost on MeconCash’s retail platform MeconMall, and to pay for video games that settle for M.Pay rewards.
Based on CryptoCompare, 24-hour commerce between Litcoin and received produced almost $4.three million in commerce — comprising 0.82 p.c 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 report quantity of remittances with $6.25 billion value of transfers.
Cryptocurrencies compete for Asian remittance market
An rising variety of cryptocurrencies are searching 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 firms Hanpass and Sentbe had joined its blockchain-based monetary providers community RippleNet.
The following 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.