Litecoin Foundation announced in a blog post,its partnership with Bibox exchange and blockchain firm Ternio to release a physical cryptocurrency debit card, ‘Blockcard’.
According to the blog post, this collaboration will allow users to spend their cryptocurrency funds both online and in physical stores anywhere in the world where major credit cards are accepted. Customers will be able to make deposits and keep cryptocurrencies such as litecoin (LTC)and Bibox Exchange’s and Ternio’s native tokens bibox token (BIX) and ternio (TERN) respectively.
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”.
The Bibox exchange will act as the custodian of user funds and leverage more than $200 million worth of cryptocurrency trading volume. The United States residents will be the first one’s to avail the special edition debit card and soon after, Non-US customers will be able to access the debit card. The debit card will be integrated by the Bibox exchange and the Litecoin Foundation, directly into the exchange and LoafWallet, the official wallet of Litecoin.
Charlie Lee, creator of Litecoin and Managing Director of the Litecoin Foundation expressed his thoughts on the collaboration. He 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.”