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Litecoin Foundation has reportedly partnered with MeconCash to allow South Koreans to withdraw fiat in more than 13,000 Automated Teller Machines (ATMs) across South Korea.
The partnership was made public on Friday, 28th February 2020 when Litecoin Foundation released a blog post. And informing its own community of users.
Litecoin Can Now Be Withdrawn In Korea Through ATMs
According to the official announcement, which also landed on twitter in the early hours of today. Moreover, This partnership will allow Litecoin (LTC) holders across South Korea to convert their holdings and exchange it at ATMs across the nation.
The new service, according to Litecoin, will allow Litecoin holders access to quick cash as well as the ability to send remittances to Korea from over, a $6 billion market annually.
In addition to payments, Litecoin holders can also purchase products on MeconCash’s MeconMall, and pay for mobile games that utilize M.Pay for rewards.
This partnership promises a much more fruitful future and users can expect to see more interesting collaborations between MeconCash and Litecoin Foundation in the long run, the blog post added.
“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,” said Charlie Lee, creator of Litecoin and Managing Director of Litecoin Foundation.
What MeconCash Brings To The Table
MeconCash is a platform that allows user’s assets to be transferred and traded between different types of services by integrating point reward systems, contents purchase, and settlement. Moreover, which are currently operated separately between existing services and those under development.
To that end, the platform integrates a reward and settlement system. And it develops the API to connect it with other services. As wel as has an ecosystem that can be used in the on- and off-line real economy.
All this ensures the usability, connectivity, and sustainability of the MeconCash ecosystem… The platform develops a variety of mobile-based applications, games, and content on the platform. And links it with such services as online marketplaces where users can purchase products.
“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,” stated Chairman of MeconCash, Jo Jae Do.
LTC Responds To The Announcement, Up By 2%
The price of Litecoin (LTC) has increased steadily since the announcement. According to statistics on CoinmarketCap, the top cryptocurrency has gained a little against the US dollar by up to 2% since earlier today. Although yesterday, Litecoin closed bearish alongside other major cryptos. Though, it seems to be taking the U-turn as this morning. At the time of writing this piece, LTC is changing hands at $61.62.