BitPay, a global supplier of bitcoin (BTC) and cryptocurrency payment services, has announced that it now supports Litecoin (LTC). As a result, businesses that use BitPay should now accept LTC as a payment method.
According to recent sources, Newegg.com, an online computer shop, would be the first retailer globally to accept LTC via BitPay. The first of thousands, according to the Litecoin Foundation.
Charlie Lee, the developer of LTC, stated, “Litecoin’s rapid transaction speeds and incredibly cheap costs are suitable for an e-commerce powerhouse like Newegg.”
“We are overjoyed that Litecoin is now supported by BitPay, making it extremely simple for any business to take LTC.”
An early adoption history
Back in 2014, Newegg.com was also the first company to accept Bitcoin as a payment method. At the moment when the e-retailer first partnered with BitPay. Initially, the BTC payment option was only available in the United States and Canada. However, the collaboration’s success enabled them to provide the option to its clients in 73 other countries in 2019.
“As the first major online shopping destination to cooperate with BitPay to accept Bitcoin and now Litecoin, Newegg supports our early-adopter customers globally and underscores our dedication to bringing innovation to the online shopping experience,” said Andrew Choi, Senior Brand Manager at Newegg.
“The enthusiasm and momentum surrounding cryptocurrency are apparent, and we are committed to making online shopping simple for our customers.”
Furthermore, the firm incorporated the meme-inspired Dogecoin (DOGE) in April, around the peak of its significant growth.
The 12 cryptocurrency payment choices accessible on BitPay include BTC, LTC, and DOGE. It accepts Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Wrapped Bitcoin, as well as other market leaders (WBTC). Furthermore, stablecoins like the US Dollar Coin (USDC), Gemini Dollar (GUSD), and Paxos Standard are supported by the platform (PAX).
According to reports, BitPay will provide LTC settlement in the summer of 2021.
Litecoin is on the rise.
While it is still far from the highs attained in May, data suggests that LTC has had a good week. It has been steadily rising after a drop around July 20th, when it hit a low of $104.33.
And, while the rise from that price hasn’t been spectacular, it’s still significant. LTC was worth $147.24 at the time of publication. Furthermore, it is the 14th most valuable cryptocurrency in terms of market capitalization.