Litecoin Foundation has entered into a partnership with South Korean crypto company, MeconCash to provide fiat withdrawal facilities.
This partnership allows Litecoin (LTC) to integrate into the MeconCash (M.Pay) platform. This also allows Litecoin withdrawals in Korean Won (KRW) at over 13,000 ATMs in South Korea.
Litecoin holders can access quick cash as well as send remittances to friends or family in South Korea. The South Korean remittance market expects to grow over $6 billion annually.
Litecoin holders can use this fiat to make a payment, purchase products on MeconCash’s MeconMall as well as pay for mobile games that utilize M.Pay for rewards.
Creator and Managing Director of Litecoin Foundation, Charlie Lee said
“Litecoin’s integration into M.Pay’s platform and a 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.”
We are thrilled to announce that Litecoin Foundation is partnering with MeconCash to enable Litecoin (LTC) withdrawals to Korean Won (KRW) at over 13,000 atms across South Korea. Read more: https://t.co/yJfSTkRoC9 pic.twitter.com/Mx1njs9AZb
— Litecoin Foundation (@LTCFoundation) February 27, 2020
Jo Jae Do, Chairman of MeconCash stated
“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.”
More on MeconCash
M.Pay is a blockchain technology project based in South Korea and SHA-256. It allows the user’s assets to be transferred and traded between different types of services. It integrates point reward systems, contents purchase, and settlement. MeconCash Features include Mobile Applications, Mobile Games, eCommerce, Cryptocurrency P2P Service, etc.
Source: Litecoin Foundation