Litecon Foundation announced a partnership with MeconCash, a South Korea based payment processing gateway. The latest partnership gives the Litecoin network access to the $6 billion Korean market which it can now transact through an international remittance service in conjunction with MeconCash.
According to the Litecoin news posted on the network blog on February 27, MeconCash integration with Litecoin gives users of the digital currency the ability to easily convert LTC to Korean Won (KRW) which can be withdrawn through 13,000 ATM in the country.
We are thrilled to announce that Litecoin Foundation is partnering with MeconCash to enable Litecoin (LTC) withdrawals to Korean Won (KRW) at over 13,000 atms across South Korea. Read more: https://t.co/yJfSTkRoC9 pic.twitter.com/Mx1njs9AZb— Litecoin Foundation (@LTCFoundation) February 27, 2020
According to Jo Jae Do, the chairman of the company,
“Through our partnership with Litecoin Foundation, we will grow the presence of Litecoin throughout the Korean market starting with the ATM withdrawal services. And with Litecoin Foundation as our partner, we are expecting to grow globally and see positive synergies in the upcoming future not only in the Korean market but also in the global market,”
The support and integration of LTC into MeconCash M-pay system would also enable holders of the cryptocurrency to easily pay for mobile games that accept M-pay payments.
Speaking on the collaboration, the director of Litecoin Foundation, Alan Austin said,
“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.” We look forward to our partnership with MeconCash as we continue to expand Litecoin adoption within the Korean market and around the world.”