South Korea is getting an addition to its crypto hub. The country is unveiling new digital ATMs that will allow people to exchange won – the country’s national fiat – for Litecoin (LTC), the sixth-largest cryptocurrency by market cap.
Litecoin Is Getting a Nice Boost
South Korea, at one point, was one of the largest crypto havens across the globe. It accounted for roughly one-quarter (25 percent) of the world’s cryptocurrency transactions. However, the nation has since taken on a very strict attitude towards digital assets, and much like its neighbor China, has implemented tactics designed to prevent crypto-related crime such as banning initial coin offerings (ICOs) in 2017.
That’s not to say, however, that the country doesn’t still respect digital currencies. This latest news will allow people to trade fiat currency for digital, thereby enhancing both Litecoin and the general crypto presence within the nation. The creation of Charlie Lee has partnered with a company known as Mecon Cash, allowing it to integrate the currency into its M.Pay platform.
In all, approximately 13,000 separate ATM machines in South Korea are expected to integrate Litecoin capabilities. What’s bigger is that this opens several doors for remittance payments and nationals working abroad. Citizens can send digital money to those working in neighboring regions. They will also have access to a platform known as Mecon Mall that will allow them to use Litecoin to pay for various goods and services, including mobile games.
While still in the top ten, it can be argued that Litecoin has potentially lost some of its relevance over the years. Originally the fifth-largest cryptocurrency after bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and bitcoin cash (BCH), it was ultimately replaced by EOS (EOS) a few years back and pushed further down the crypto ladder.
Litecoin, itself, is the result of a hard fork of bitcoin that occurred in the year 2011, making it one of the industry’s earliest and most long-lasting coins. Competitors like Ethereum did not emerge until the year 2015, though one thing that has seemingly worked against Litecoin is the number of units available. The amount of Litecoin out there is about four times that of something like bitcoin, thereby decreasing the currency’s rarity and making it less valuable to hardcore traders.
Still Faster Than Most
However, while the currency’s price and standing may not be comparable to bitcoin or even Ethereum, Litecoin still holds an advantage in that its transaction times are faster. Speed is something entities like bitcoin have struggled with in the past, and Litecoin could provide the edge that everyday users are looking for.
At the time of writing, Litecoin has fallen by more than one percent in the last 24 hours and is now trading for just shy of $60 per unit according to Messari data.