Litecoin (LTC) Can Soar Past $100 With Its Latest Achievements
The Litecoin Foundation, Charlie Lee and Litecoin (LTC) are on a hot streak that is going unnoticed.
In just the past week, Litecoin has announced:
- It had acquired nearly 10% of a German Bank in partnership with TokenPay, a popular payment provider;
- Robinhood, the popular no-fee investment application, announced that it has added Litecoin (LTC) support; and
- Continues to push its #PayWithLitecoin campaign to increase and encourage usage and adoption
Although the news about the bank got mixed reviews, we can’t deny the fact that its an important and major step taken by the Foundation towards massive adoption.
Litecoin Foundation now owns 9.9% of WEG Bank
On July 10, Litecoin Foundation announced several potentially transformative partnerships for the digital asset.
Through the official Statement released by Litecoin Foundation, it would be providing its world-class blockchain technology and marketing expertise to TokenPay and other blockchain initiatives which include:
- eFin Decentralized Exchange (DEX)
- Multisignature Transaction Engine
- TokenSuisse Asset Management
- TPAY Cryptocurrency
- WEG Bank FinTech Platform
About the Litecoin – TokenPay partnership, this is what Charlie Lee, the founder of Litecoin has to say:
“This partnership is a huge win-win for both Litecoin and TokenPay. I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin. I’m also excited about Litecoin’s support in TokenPay’s decentralized exchange”
Although some critics have slammed the partnership, it is a monumental milestone for the Litecoin Foundation and will bring Litecoin to the masses.
Litecoin’s stake in the WEG Bank AG is its first, and the German bank is the kind institutional investor the crypto market has been trying to attract.
Members of the Litecoin community can now forget the failed Litepay project. Now, Litecoin has found its way into the banking industry from the inside.
How Did Litecoin Foundation Receive a Stake in the Bank?
The Litecoin Foundation did not purchase any stake in the WEG Bank AG per se.
In fact, the Foundation received a stake in the bank from TokenPay in exchange for the technology and expertise of the Litecoin foundation and its founding members.
Upon completion, Litecoin Foundation received a 9.9% stake in Germany’s WEG Bank from TokenPay.
TokenPay had previously acquired a stake of 9.9% in the WEG Bank AG (the maximum allowed in Germany without regulatory approval).
Further, TokenPay has options to purchase another 70% or so in the bank, subject to regulatory approval.
Robinhood App adds Litecoin (LTC) support
More positive news for Litecoin as Robinhood which now expanding its cryptocurrency reach with two new token listings; Litecoin (LTC) and Bitcoin Cash (BCH).
Users of the fintech startup can now trade LTC on the platform, more interestingly with no transaction fees. Robinhood is one of the easiest ways to get started with cryptocurrencies, and it also supports buying with fiat currency.
Robinhood is currently available in the US. Robinhood is available in 17 of the 50 states in America.
Robinhood serves users in the following states:
- New Jersey
- New Mexico
The company states that it will support more states “soon.”
Market Status of Litecoin (LTC)
Prices of Litecoin barely rose over the last few days due to shaky markets, but we expect markets to react positively once back in the green.
There appears to be a slight uptrend during the same period:
Before the announcement, Litecoin has been helpless against the bears which have reigned supreme over the crypto market for long.
The announcement has brought Litecoin out of the descending channel and saw the value of Litecoin (LTC) shoot up by more than 5%, and attain a trading value of $80.
Three days later and Litecoin is still showing positive signs, with a gain of 1.6% over the last 24 hours. As at the time of this writing, Litecoin now has a trading value of $77.64.
Litecoin (LTC) retains its position as the 6th largest cryptocurrency with an estimated market capitalization of USD $4.45 billion.
Litecoin still maintains a high daily trade – exchange volume after seeing USD $257.73 million of trades and exchanges in the last 24 hours.
Not long ago, the Litecoin Foundation launched the #PayWithLiteCoin campaign, and now a strategic partnership with a bank and again the Robinhood announcement.
The Foundation is on course towards achieving great things and very quickly. It shouldn’t be too long before we can all use Litecoin (LTC) at the average store!