The Litecoin Foundation have announced a deal that will see LTC being integrated into MeconCash’s M.Pay platform to enable coin holders to withdraw their funds in Korean Won (KRW) at more than 13,000 ATMs in South Korea.
We are thrilled to announce that Litecoin Foundation is partnering with MeconCash to enable Litecoin (LTC) withdrawals to Korean Won (KRW) at over 13,000 atms across South Korea. Read more: https://t.co/yJfSTkRoC9 pic.twitter.com/Mx1njs9AZb
— Litecoin Foundation (@LTCFoundation) February 27, 2020
In addition to the ATM facility, supporters of Litecoin will also be able to send remittances to South Korea using the MeconCash network, buy items through the MeconMall, and purchase mobile games that utilise M.Pay for rewards.
Korean and Global Markets
Speaking on the new partnership, Jo Jae Do, Chairman of MeconCash, said “…we will grow the presence of Litecoin throughout the Korean market starting with the ATM withdrawal services. And with Litecoin Foundation as our partner, we are expecting to grow globally and see positive synergies in the upcoming future not only in the Korean market but also in the global market.”
Charlie Lee, the creator of Litecoin and Managing Director of Litecoin Foundation, suggested that “Litecoin’s integration into M.Pay’s platform and large network of ATMs is a big step toward expanding Litecoin’s footprint in the South Korean market…”
Alan Austin, Director of Litecoin Foundation, went on to highlight how Litecoin could enhance an existing service as “With billions of remittances sent each year to South Korea, Litecoin – through its speed, security, and low transaction fees – offers significant advantages over traditional methods of sending money overseas through the M.Pay platform.”
Structured to foster ties with organisations that will benefit and grow the Litecoin ecosystem, the Litecoin Foundation has a innovative track record of partnering with both financial and cultural entities that share their vision and, in some cases, common characteristics.
The Foundation chose to sponsor an Ultimate Fighting Championship (UFC) title fight in 2018 because it was suggested that like Litecoin, the UFC had grown from a “tiny grassroots movement to a global phenomenon.”
A similar theme was present when a partnership with the San Diego International Film Festival was announced last year. At the time, Charlie Lee suggested “Mass adoption requires two things: awareness and real world use cases. The film industry checks off both of these boxes in a compelling way.”
The recent deal with MeconCash may lack the big screen glamour of some of the previous ties but at a time when fiat currencies are under pressure, the Litecoin Foundation may have found a unique moment in time to double down on raising cryptocurrency awareness through a viable use case.