• The Litecoin Foundation has entered into a partnership with MeconCash to bring Litecoin to over 13,000 ATMs in South Korea.
• The new service provides Litecoin owners with access to fast cash and the ability to send money transfers to South Korea from abroad.

The Litecoin Foundation announced a few hours ago that it has entered into a partnership with the South Korean blockchain start-up MeconCash. The partnership involves the integration of Litecoin into MeconCash’s payment platform, the M-Pay platform. This will enable Litecoin holders to send remittances to South Korea and quickly withdraw cash from over 13,000 ATMs.

When people withdraw Korean Won (KRW) from an ATM in South Korea, the corresponding amount is deducted from the connected Litecoin wallet.

The integration of Litecoin into the MeconMall platform is also part of the partnership. This platform allows Litecoin users to purchase various digital goods and pay for mobile games, where M-Pay is available as a possible payment option. Jo Jae Do, Chairman of MeconCash, describes that the partnership will expand Litecoin’s presence in the South Korean market:

Through our partnership with Litecoin Foundation, we will grow the presence of Litecoin throughout the Korean market starting with the ATM withdrawal services.

Alan Austin, Director of the Litecoin Foundation states that Litecoin offers significant advantages over the traditional remittance service provider and also over other cryptocurrencies such as Bitcoin:

With billions in remittances sent each year to South Korea, Litecoin (through its speed, security, and low transaction fees) offers significant advantages over traditional methods of sending money overseas through the M.Pay platform.

In the future a whole range of other services will follow, for which Litecoin can be used as an official means of payment. However, there is currently no exact time frame and no further information available as to which services will be involved in detail. The adaptation of cryptocurrencies in people’s everyday life is an important step to promote trust in new means of payment and technologies in the long term.

MimbleWimble data protection solution achieves progress

Most recently, David Burkett, who is primarily responsible for the further development of MimbleWimble, published an update to the privacy protocol. MimbleWimble was developed to give the Litecoin network more fungibility and privacy. Burkett describes that he has found a way to integrate non-interactive transactions into the protocol:

The biggest news is that I’ve found a way to support non-interactive transactions in Mimblewimble! The biggest difficulty with using MW is the need for sender and receiver to communicate, which requires receiver to be online when sending. My proposal, along with an updated version of the write-up that will be released soon, eliminates that need.

This should greatly improve user-friendliness, as it is no longer necessary for the receiver and sender to be online at the same time. Furthermore, the maintenance requirements are effectively reduced and the compatibility with hardware wallets and other custody solutions is significantly improved.

The price of Litecoin follows the current market trend and shows a minus of 4.76 % to a price of 59.16 USD.

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