What is LitePay? Big Announcement to launch later this month.
Earlier today, I saw on my news feed about some new innovation involving Litecoin. It's called Litepay (https://www.litepay.us/). For those unaware, Litecoin is a peer-to-peer cryptocurrency created by the ex-Google and ex-Coinbase employee Charlie Lee that "enables instant, near-zero cost payments to anyone in the world."
Litepay, created by the Litecoin Foundation, a non-profit organization whose mission is to "advance Litecoin for the good of society by developing and promoting state-of-the-art blockchain technologies," is an innovation that allows merchants to accept Litecoin and consumers to spend Litecoin in the physical world, taking "Litecoin out of the cyber realm." Consumers also have the option to purchase a Litepay card. This card allows consumers to load Litecoin onto the card and use it as any other debit card in the world. This is what I found super futuristic: the Litepay card can be used to withdraw cash from any compatible ATM! It's like having a decentralized bank in your pocket! Similarly, those who choose to accept Litecoin payments can receive payment directly to their bank accounts without the need to convert the currency yourself. This has been seen before, however, with physical cards such as Bitpay (https://bitpay.com/) and Cryptopay (https://cryptopay.me/), one of the first Bitcoin debit cards.
The news article I found on my feed is this one: https://www.express.co.uk/finance/city/914028/cryptocurrency-news-litecoin-litepay-bitcoin-blockchain-ripple-ethereum-launch
The majority of this review was taken from the Litepay website because there is some information I saw on the news article that I couldn't find on Litepay's website, mainly the mention of withdrawals working "from VISA compatible ATMs and [can be spent] with any VISA merchant."
Looking on the website, I was a bit disappointed when I checked out the Docs section (https://www.litepay.us/docs/what-is-litecoin.html). There are a plethora of FAQs listed, but only two of them actually work: the "What is Litecoin" and "Litecoin Exchange Rate" links under the resources section. Call me crazy, but I always feel a bit sketched out when I see stuff like this - At least put a quick message saying "under construction" or something, and with Litepay set to launch later this month, I feel it would be professional and in their benefit to update these sections.
I hope you enjoyed reading my article about Litepay! To sign up for the February launch, click here. Let me know what you think below :D. Keep trading!
Sources: