Litecoin Foundation on Friday announced its partnership with MeconCash to integrate Litecoin into M.Pay, enabling the withdrawal of the digital currency for Korean won across over 13,000 ATMs in South Korea.
Both companies are optimistic that this will open gates for remittances using the digital currency to South Korea from across the world.
Moreover, the partnership will also allow Litecoin holders to purchase products on MeconCash’s MeconMall, and pay for mobile games that utilize M.Pay for rewards.
Commenting on the partnership, Jo Jae Do, chairman of MeconCash, said: “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.”
Addressing the short-comings of Bitcoin
Launched as a fork of Bitcoin in 2011, Litecoin was designed for micro-transactions, primarily by having a decreased block generation time, increasing the maximum number of coins, with a different hashing algorithm, and a slightly modified GUI.
The two will further expand their collaboration to bring new services in the future, the announcement detailed.
“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,” Charlie Lee, creator of Litecoin and managing director of Litecoin Foundation.
“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,” Alan Austin, Director at Litecoin Foundation, added. “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.”