- August 14, 2020
- Posted by: Eileen Clapper
- Category: LiteCoin
Terino, a Blockchain-based company that permits firms to become their own bank and Litecoin, an open-source cryptographic project for creation and transfer of coins have announced the launch of a card to convert LTC to USD.
Users will have to deposit cryptocurrencies on the card which can then be converted to dollars to be used in the Block Card account. This card is like any other dollar card and can be used in Google Pay, Samsung Pay, or Apple Pay.
The conversion of LTC to USD takes a few seconds and the card supports 12 cryptocurrencies – Basic Attention Token (BAT), Bitcoin (BTC), Bitcoin Cash (BCH), Dai, Ethereum, Litecoin, Paxos Standard, Stellar Lumen (XLM), Ternio, Tether (USDT), TrueUSD, USD coin, and Ripple XRP.
Litecoin has kept the working of the card quite simple. A user has to deposit the preferred cryptocurrency to fund the account. Upon conversion, the portion of cryptocurrency that is converted to dollars will be reflected in the account balance.
The value of the cryptocurrency remains in Litecoin and shows the user’s purchasing power. On purchases and payments, the Merchant gets the payment from the amount that has been converted from LTC to USD.
The Litecoin Card can be used to avail all the benefits of real-world utility in the same manner as major credit cards running on traditional currencies. Users can deposit cryptocurrency in the card and seamlessly convert them to dollars on the fly whenever required. Simultaneously with the Litecoin card, Ballet Litecoin Block’s collaboration with Ballet Crypto and Litecoin Pool has been announced by the Litecoin foundation. A spokesman of Litecoin said that it “is a .999 fine silver card,” and is available with a Litecoin Block reward of 12.5+LTC. This Ballet Litecoin Block may be purchased on ltcblock.com for 18 LTC each.
The products being launched by the Litecoin Foundation share a common goal and that is to promote advanced Blockchain technology for the good of society.
In a Litening series Livestream, this was further elaborated by them.