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Litecoin Foundation, Bibox, Ternio to unveil physical cryptocurrency debit card 'Litecoin Blockcard'

Wed, 19 Jun 2019, 07:14 am UTC

The Litecoin Foundation recently revealed it will team up with Bibox Exchange and blockchain firm Ternio to release a physical cryptocurrency debit card to its customer base.

As per a blog post, the cryptocurrency debit card, called “Litecoin Blockcard,” will enable users to spend their cryptocurrency funds both online and in physical store locations worldwide where major credit cards are accepted. Customers are allowed to make deposits in different currencies and keep their spendable value in Litecoin (LTC), Bibox Token (BIX), or Ternio (TRN).

Under the collaboration, Bibox Exchange will act as the custodian of users’ funds and leverage more than $200 million worth of cryptocurrency trading volume. Ternio will provide a dedicated platform, whereas the Litecoin Foundation and Bibox Exchange will incorporate the debit card 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,” Charlie Lee, Litecoin creator and Litecoin Foundation Managing Director, said.

The debit cards will initially be released to U.S. residents and soon for non-U.S. customers. The Litecoin Foundation and Bibox Exchange will soon inform their U.S.-based users in the coming weeks on how to access the credit cards.

Just recently, cryptocurrency exchange Coinbase also announced the expansion of its Visa debit card service to six new countries across Europe. Dubbed as the Coinbase Card, it allows UK-based customers to use their cryptocurrency funds for spending.

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