ATLANTA--(BUSINESS WIRE)--BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced support for Litecoin in the BitPay Wallet app. Consumers can buy, store and swap crypto in addition to buying gift cards safely and securely. Starting this week, businesses using BitPay are expected to be able to accept Litecoin as a payment method from any wallet. Newegg.com will become the first merchant to accept Litecoin through BitPay just as it was the first major e-retailer to accept Bitcoin for purchases back in 2014.
“As the first major online shopping destination to work with BitPay to accept Bitcoin and now Litecoin, Newegg supports our early-adopter customers globally and emphasizes our commitment to bring innovation to the online shopping experience,” said Andrew Choi, Senior Brand Manager at Newegg. “The excitement and momentum around cryptocurrency are undeniable, and we are committed to making it easy for our customers to shop online.”
Newegg Commerce, Inc. (NASDAQ: NEGG) is one of the leading tech-focused e-retailers in North America, with a global reach in Europe, Asia Pacific, Latin America and the Middle East. Founded in 2001, the company offers its customers a comprehensive selection of the latest consumer electronics, entertainment, smart home and gaming products. In 2014, Newegg partnered with BitPay to facilitate Bitcoin transactions for Newegg’s customers in the United States and later in Canada. The companies built on this successful collaboration by extending the crypto payment option to countries globally.
Charlie Lee, creator of Litecoin and managing director of the Litecoin Foundation shared, “Litecoin’s fast transaction times and super low fees are ideal for an ecommerce giant like Newegg. We’re extremely excited that Litecoin is now supported by BitPay, making it very easy for any merchants to accept LTC.”
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin features faster transaction confirmation times. Cryptocurrency is being adopted around the globe at an incredible rate. Litecoin customers benefit from faster transaction times, on average every 2.5 minutes and a market cap of close to $9 billion, making it a top cryptocurrency option for mainstream use.
In addition to Litecoin (LTC), BitPay currently accepts 11 other cryptocurrencies including BTC, BCH, ETH, XRP, DOGE, DAI, WBTC and stable coins USDC, GUSD, PAX and BUSD. Litecoin will be available for businesses to accept as a payment option without the need for any integration or enhancements. Settlement in Litecoin is expected to be available this summer.
Founded in 2011, BitPay celebrates its 10th birthday this year as one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.
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About Litecoin Foundation
The Litecoin Foundation is a non-profit organization whose mission is to advance Litecoin for the good of society by developing and promoting state-of-the-art blockchain technologies. Litecoin is a peer-to-peer digital currency that enables instant, near-zero cost payments to anyone in the world. The Litecoin Foundation Ltd. is headquartered in Singapore (registered UEN# 201709179W) with an active team contributing from around the globe. For more information, visit litecoin-foundation.org