LoafWallet is getting its own Litecoin Debit Card.
The Litecoin Foundation’s partnership with Bibox and Ternio (on a soon to be released ‘special edition’ Litecoin BlockCard), has taken another step forward. The organisation shared new screenshots showing the debit card integrated and functioning within LoafWallet, the most popular standalone IOS and Android Litecoin wallet.
“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.”
-Charlie Lee, Litecoin Foundation Managing Director.
The new image shared via the organisations twitter account, appears to show a dedicated page within Loafwallet for managing all activity related to the card. It remains unclear however, if the user will be able to fund the card through Loaf or will have to login to the dedicated blockcard app in order to execute these actions. What we do know however is that much like with apple pay, users will be able to spend from the card using NFC within Loaf.
It appears to place more of that management functionality within loaf which will be welcome to those who use it as their main wallet. Moreover the card will allow its users to spend their Litecoin at all major retailers which accept traditional card payments.
As with other cards, users coins are not sovereign and must be deposited with the service (Bibox exchange) in order to process transactions and sales of crypto at current market rates. According to Bibox, they have access to a large liquidity of $200+ million worth of crypto trading volume behind them. Despite this a spending limit ranging from $2,000 to $5,000 daily is applied depending on the card type.
While Ternio boast zero fees for transactions, deposits or exchanges on its site, the company does collect fees elsewhere including a $5 monthly maintenance fee unless spending >$750 during that time. There are also fees on ATM interactions wand pin transactions as well as card replacements and closure of the account.
The Foundation hopes the move will ‘help propel adoption of crypto spending in everyday life’ with Charlie Lee adding:
“Leveraging Ternio’s BlockCard platform with Bibox’s exchange engine gives Litecoin holders unparalleled access to use their LTC at merchants around the world.”Users
Users will have access to 12 cryptocurrencies supported by Ternio to use through their card although it is clear this partnership is clearly focused on Litecoin primarily. This includes the Ternio and Bibox tokens. It is not yet apparent whether users will be required to obtain these tokens in order to use the service. It would seem unnecessary given that other services do not require use of a specialised token.
“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”.
Aries Wang, Co-Founder of Bibox.
No lanch date has yet been published although we are told the special edition debit card will first be released to those in the United States and rolled out to Non-US customers later.