The Litecoin Foundation has announced a partnership with Bibox Exchange and blockchain firm Ternio to release a physical cryptocurrency debit card, in a blog post on June 18.
Per the post, the companies will jointly roll out a cryptocurrency debit card dubbed “BlockCard” that will purportedly let users spend their cryptocurrency funds both online and in physical store locations around the world. Customers will be able to keep cryptocurrencies such as litecoin (LTC) and Bibox Exchange’s and Ternio’s native tokens bibox token (BIX) and ternio (TERN) respectively.
Within the project, Bibox Exchange will act as the custodian of users’ funds and leverage over $200 million worth of cryptocurrency trading volume. Ternio will provide a dedicated platform. The Litecoin Foundation and Bibox Exchange will integrate the card directly into the Bibox Exchange and Litecoin’s official wallet, LoafWallet.
“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.”
The Litecoin Foundation thus joins several other industry players that have rolled out digital currency debit cards. Just recently, American crypto exchange Coinbase launched its Visa debit card in six European countries. Coinbase’s new offering purportedly allow users to spend cryptocurrencies they hold at any merchant that accepts Visa cards.
In March, Visa itself published a crypto and blockchain-related job opening. The firm is ostensibly seeking someone to fill the position of Technical Product Manager at Visa Fintech at its Palo Alto office. The position’s description states that a candidate should have an in-depth understanding of distributed ledger technology and the crypto industry.