Litecoin, the fastest crypto and its native wallet LoafWallet have a new addition. Namely, The Litecoin Foundation has teamed up with Bibox and Ternio on a new project named LitecoinBlockCard. The new debit card will be integrated with the Litecoin’s LoafWallet.
Litecoin’s LoafWallet
As a quick reminder, Litecoin is one of the fastest cryptos in the market. It has faster confirmation times than other crypto currencies. Therefore, Litecoin provides for instant transactions with low to zero costs.
LoafWallet is the most popular standalone IOS and Android Litecoin wallet. It is safer than web wallets. LoafWallet enables a user to store funds on any device by simply downloading the App. Litecoin Foundation presented it as a responsive and powerful performing wallet that connects directly to the Litecoin network using simple payment verification.
LoafWallet enables a user to access the funds anytime, anywhere. It is considered to be safe, especially because it doesn’t have a server that can be hacked or go offline.
Debit Card Announcement
When commenting on the future launch of the Debit Card integrated with LoafWallet, Charlie Lee, Litecoin Foundation Managing Director, has reportedly stated:
“This is an exciting partnership for us as it furthers the Litecoin Foundation’s mission to create more use cases for spending Litecoin in everyday life.”
The launch date has not been announced yet. Nevertheless, there are indications that the special edition debit card will first be released in the US.
Debit Card Overview
Introducing Debit Card will enable users to spend from the card using NFC within LoafWallet. This is similar to the Apple pay. On the other hand, we are yet to see whether the users would be able to fund the card through LoafWallet.
In order to enable the processing of the transactions, the coins would need to be deposited through Bibox exchange. Although Litecoin would be at the focus here, the users should have access to 12 crypto currencies, including Ternio and Bibox tokens.
The spending limit has been set at $2,000 to $5,000 on daily basis, depending on the card type.
However, the main advantage of the use of such Debit Card would be the possibility to spend Litecoins at retail stores which already accept credit cards.
Debit Card Fees
All users who decide to spend more than $750 a month would need to pay $5 fee for monthly maintenance. The fees would also apply to ATM transactions, card replacements, closing of the account, etc.
Litecoin Foundation hopes that integrating Debit Card with LoafWallet will stimulate faster adoption of the habit to spend cryptos in everyday life.
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