On February 28, Litecoin Corporation announced a partnership with MeconCash to launch Litecoin (LTC) for Korean Won withdrawals and transfers from 13,000 ATMs in South Korea.
As part of the partnership, LTC will be integrated into the MeconCash M.Pay payment platform. Litecoin will also be accepted as payment on the MeconCash MeconMall trading platform and as payment for games that accept M.Pay rewards.
According to CryptoCompare, the 24-hour trade between Litcoins generated about $ 4.3 million, which is 0.82 percent of the total trading volume at the time of publication.
Charlie Lee, CEO of the Litecoin Foundation, described the partnership as “an important step towards expanding Litecoin’s presence in the South Korean market.”
South Korea generated a record $ 6.25 billion in remittances in 2018.
Cryptocurrency competes in the Asian translation market
An increasing number of cryptocurrencies are looking to take over the Asian exchange market as Ripple launched several partnerships in the region in February.
On February 25, Ripple announced that South Korean money transfer providers and money transfer companies Hanpass and Sentbe have joined the blockchain-based financial services network RippleNet.
The next day, Ripple announced a partnership with European remittance provider Azimo to use distributed ledger technology to service remittances to the Philippines.