On February 28, the Litecoin Foundation was announced partnered with blockchain company MeconCash to help users convert Litecoin (LTC) to the Korean won at 13,000 ATMs in Korea.
This partnership will bring LTC to MeconCash's M.Pay payment platform. Litecoin will also be accepted for payment on MeconCash's retail platform, MeconMall, through which users can use LTC to purchase game items – accepting M.Pay rewards.
According to CryptoCompare, the 24-hour transaction between Litecoin and Korean won generated nearly 4.3 million USD – accounting for 0.82% of the total transaction volume at the time of writing.
Charlie Lee – CEO of Litecoin Foundation, described the partnership as “a major step towards expanding Litecoin's influence in the Korean market.”
In 2018, South Korea created a record amount of remittances with a total transfer value of 6.25 billion USD.
Cryptocurrency competes with Asian remittance market
More and more cryptocurrencies are seeking to dominate Asia's remittance market, with Ripple launching some regional partnerships in February.
On February 25, Ripple announced that South Korea's Hanpass and Sentbe cross-border money transfer providers joined the financial services network based on the RippleNet Blockchain.
The next day, Ripple continued to announce a partnership with European money transfer company Azimo to use distributed ledger technology for its remittance service into the Philippines.
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According to CoinTelegraph
Translated by ToiYeuBitcoin