The payment operator also added bitcoin and Ethereum trading

​“Litecoin is still alive.” The altcoin rate rises by 7,04% after integration into the MoneyGram app

02.11.2022 - 12:00

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4 min

What’s new? Litecoin’s (LTC) rate rose by 7% in 24 hours. This happened after payments operator MoneyGram partnered with the Coinme exchange on November 1 to launch a service that allows users to buy, store and sell cryptocurrencies. LTC was among the digital assets available for transactions. Litecoin creator Charlie Lee commented on the integration into the MoneyGram app, writing that the asset “is still alive to answer the haters.” As of November 2, 11:50 UTC, LTC is trading at $59,47, according to Binance.

What else did Lee write? The creator of Litecoin said that adoption is the key to the network’s token. Lee thanked MoneyGram and Coinme for allowing LTC transactions through a mobile app.

The new feature of the MoneyGram app is available to residents of almost every state in America, and in addition to LTC, it also covers bitcoin and Ethereum.

What is known about the companies? MoneyGram, a peer-to-peer (P2P) payment operator, has more than 150 million customers. The company’s shares are traded on the US Nasdaq stock exchange under the ticker MGI. The price per security is $10,57 (-0,19%per day), according to Investing.com.

Coinme, a cryptocurrency exchange, was founded in 2014. With debit cards or cash through Coinstar’s crypto ATMs, the platform’s users can buy seven digital assets: BTC, ETH, LTC, MATIC, LINK, DOGE, and XLM.

Litecoin is a fork of the Bitcoin network, launched in October 2011. The protocol is used for small everyday transactions. Transfers on the network are made with almost zero fees. The network’s native token of the same name with the ticker LTC is a “lightweight” version of bitcoin.

In June, South Korean crypto exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax delisted LTC due to the network’s upgrade MimbleWimble Extension Block (MWEB), which increased transaction privacy. MWEB caused the cryptocurrency to no longer comply with regulatory rules such as know your customer and anti-money laundering (KYC and AML).

That same month, Binance announced that it would not support LTC deposits and withdrawals using MWEB. The crypto exchange urged customers not to deposit cryptocurrency using the privacy feature.

According to Brand Analytics research, Litecoin ranks third in popularity among Russian crypto users. Experts analyzed a sample of 2,4 billion social media posts, with Litecoin appearing in them 424 000 times.

Many large companies have already started accepting Litecoin as a means of payment. These include designer clothing brand Gucci, Dutch travel agency Taylor Travel Management Group, and Italian retailer Michele Franzese Moda.

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