— Litecoin Foundation (@LTCFoundation) June 18, 2019
Through this new partnership with Bibox Exchange and Ternio, Litecoin will give holders the opportunity to spend their crypto with the same ease of use as a traditional debit card. The card will also be rechargeable with other crypto and will allow spending Litecoin (LTC), Bibox Token (BIX) or Ternio (TERN).
As for the Bibox exchange, it will act as a custodian of user funds and help the operation with its more than $200 million in trading volumes, as stated by Bibox co-founder, Aries Wang:
“Bibox has always positioned ourselves as being on the forefront of crypto adoption. By partnering with the Litecoin Foundation and Ternio we are able to leverage Bibox’s robust exchange platform to help bring consumers more options to spend cryptocurrency with unprecedented ease”.
The part related to the production of physical cards will be entrusted to Ternio, a leading company in technology, as explained by Charlie Lee, creator of Litecoin:
“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. Leveraging Ternio’s BlockCard platform with Bibox’s exchange engine gives Litecoin holders unparalleled access to use their LTC at merchants around the world”.
The debit card, the Litecoin Blockcard, will initially be available only to American users and subsequently also to other users in other countries; it will be integrated with the Bibox exchange and with the LoafWallet wallet, which is the official Litecoin wallet, allowing rapid access to the entire ecosystem.
For the moment it is already possible to download LoafWallet and users will receive a notification as soon as the registration to obtain the debit card is active.