Litecoin Foundation to launch special edition debit card

The Litecoin Foundation has announced the release of a new debit card. The special edition card will allow its users to spend their cryptocurrency either online or in physical store locations where major credit cards are accepted. Since the special edition Litecoin BlockCard is a joint venture by three crypto companies: Litecoin, Bibox Exchange and Ternio, the card will support Litecoin (LTC), Bibox Token (BIX) and Ternio (TERN). The card has been created for consumers who want to use crypto like cash.

As per the announcement, US-based users will be the first consumers and their funds will be under the custody of Bibox Exchange. The exchange will leverage $200 million worth of its crypto trading volume to help route the deposits and spending for users. The announcement states:

“The special edition debit card will first be released to United States residences and soon after for non-US customers. Bibox Exchange and the Litecoin Foundation will integrate the debit card directly into the Bibox Exchange and LoafWallet – the official Litecoin wallet. Users will be able to access their cards directly within these ecosystems, giving  them instant access to spend.”

Charlie Lee, the creator of Litecoin, stated that the new card will help propel LTC as a mainstream currency for travel, hotels, retail, services, entertainment, and shopping. He said: 

“Leveraging Ternio’s BlockCard platform with Bibox’s exchange engine gives Litecoin holders unparalleled access to use their LTC at merchants around the world.”

Litecoin said that further information about the card will be disclosed in the coming weeks to the US-based customers.