Litecoin transactions near all-time high after gaining ground in consumer finance

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The number of Litecoin (LTC) transactions has surged to over 140,000 in the past few days, after falling near the 100,000 mark in early October. Three days earlier, the Litecoin Foundation tweeted about the launch of its LTC Visa Ebit card operated by the fintech company Unbanked.

According to the card’s homepage, potential customers would first register for a Litecoin card account, deposit LTC into a specific wallet address, pass a know-your-customer check and receive a virtual Litecoin card. The service claims that the sign-up process takes less than five minutes.

The Litecoin card is designed to allow users to spend their LTC at any digital merchant that uses Visa as a payment processor – a number the Litecoin Foundation estimates at around 50 million.

The next day, the Litecoin Foundation published another tweet about Verifone’s partnership with BitPay. Verifone is one of the world’s largest point-of-sale payment processors, enabling nearly $ 440 billion in annual transactions each year. BitPay is a cryptocurrency payment processor that handles over 60,000 consumer transactions each month using Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and more.

Litecoin was launched in 2011 with the stated goal of becoming “the silver to Bitcoin’s gold”. Based on data from Cryptwerk, there are now 3,111 companies worldwide that accept LTC directly as a means of payment, compared to 2,230 in the same period last year. Merchant acceptance of the digital currency is currently a little less than half that of Bitcoin.