The debit card will enable users to spend the value of their cryptocurrency either online or in physical store locations, anywhere in the world where major credit cards are accepted.
It says: “The Litecoin Foundation, Bibox Exchange, and Ternio want to give crypto holders the ability to spend cryptocurrency with the same ease as traditional credit cards. Through this collaboration, these three companies will help propel the adoption of crypto spending in everyday life. Customers will have the ability to make deposits in various cryptocurrencies and then keep their spendable value in Litecoin (LTC), Bibox Token (BIX), or Ternio (TERN).”
Aries Wang, Co-Founder of Bibox said: “Bibox has always positioned ourselves as being on the forefront of crypto adoption. By partnering with the Litecoin Foundation and Ternio we are able to leverage Bibox’s robust exchange platform to help bring consumers more options to spend cryptocurrency with unprecedented ease.”
Cointelegraph commented: “Within the project, Bibox Exchange will act as the custodian of users’ funds and leverage over $200 million worth of cryptocurrency trading volume. Ternio will provide a dedicated platform. The Litecoin Foundation and Bibox Exchange will integrate the card directly into the Bibox Exchange and Litecoin’s official wallet, LoafWallet.”
Charlie Lee, creator of Litecoin and Managing Director of the Litecoin Foundation, said: “This is an exciting partnership for us as it furthers the Litecoin Foundation’s mission to create more use cases for spending Litecoin in everyday life. Leveraging Ternio’s BlockCard platform with Bibox’s exchange engine gives Litecoin holders unparalleled access to use their LTC at merchants around the world.”
This means Litecoin Foundation joins the likes of Coinbase, which recently launched its Visa debit card in six European countries. Its card allows users to spend cryptocurrencies they hold at any merchant that accepts Visa cards.