Singapore-based Litecoin Foundations has announced a collaboration with Bibox exchange and blockchain firm Terino for a “soon to be released” cryptocurrency debit card. Litecoin shared the blog post on June 18.
According to the blog post, the companies mentioned above will together launch the special edition “BlockCard.” The yet to be released crypto debit card will allow users to spend their cryptocurrencies online and in physical stores located anywhere in the world. The collaborative effort will entrust the crypto holders with an ability to spend currencies “with the same ease as traditional credit cards.”
Furthermore, the customers will be allowed to keep their cryptocurrencies like Litecoin (LTC) and native tokens of Bibox exchange and ternio – Bibox token (BIX) and ternio (TERN).
Aries Wang, Co-founder at Bibox Exchange, said about the partnership –
“By partnering with the Litecoin Foundation and Ternio, we are able to leverage Bibox’s robust exchange platform to help bring consumers more options to spend cryptocurrency with unprecedented ease”.
Litecoin further conveyed that users from the United States will be the first set of customers. Also, Bibox exchange will act as a custodian of users funds and leverage over 200 million of cryptocurrency trading volume. The debit card will be directly integrated into the Bibox exchange and Litecoin’s official wallet, LoafWallet.
The blog post concluded by informing that US-based customers will be notified in the coming weeks with instructions on how to register for their card.
In April 2019, cryptocurrency exchange Coinbase announced about the launch of Coinbase Card. Coinbase CEO, Zeeshan Feroz informed that the card would let customers in the United Kingdom spend crypto similar to money in their bank.