Litecoin Foundation strengthens its presence in South Korea thanks to its new partnership with MeconCash, adding LTC to over 13,000 ATMs across the country.
According to today’s reports, it appears that the new integration of Litecoin on M.Pay, the MeconCash platform, will allow South Korean users to buy LTC with cash, specifically with Korean Won (KRW), directly from ATMs.
Basically, Litecoin holders will now also be able to purchase products on MeconCash’s MeconMall and pay for games for mobile devices which use M.Pay for rewards. But that’s not all, the new partnership would also give litecoiners access to the possibility of sending remittances to Korea from abroad, a market worth $6 billion each year.
In this regard, Alan Austin, director of the Litecoin Foundation, said:
“The ability to access cash through Litecoin at over 13,000 ATM’s opens the door to new opportunities within the Korean market and globally. With billions in 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.” We look forward to our partnership with MeconCash as we continue to expand Litecoin adoption within the Korean market and around the world”.
Continuing on the subject of mass adoption of LTC, Charlie Lee commented as well:
“Litecoin’s integration into M.Pay’s platform and large network of ATM’s is a big step toward expanding Litecoin’s footprint in the South Korean market, and we are excited to partner with MeconCash as they continue to grow their platform and offer additional services through which Litecoin can be used”.
Meanwhile, Jo Jae Do, president of MeconCash, said he is committed to expanding the adoption of LTC:
“Through our partnership with Litecoin Foundation, 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”.
Litecoin, from sport to South Korea
With this new partnership, Litecoin Foundation seems to want to change its expansion strategy from previous ones which were based more on sponsorships and that saw LTC as the crypto protagonist of global events.
In fact, continuing the same mission of increasing the adoption of LTC, last summer Litecoin became the official crypto of the American football team Miami Dolphins.
Not only that, just a year ago, Litecoin Foundation had formed a partnership with Glory Kickboxing in order to be added as a payment method on the online shop website Gloryshop.com, while in January 2019 it was a sponsor of the UFC 235, the major organizing company of Mixed Martial Arts.