Litecoin (LTC) is one of the largest and most valuable cryptocurrencies in the world. In this post about the top Litecoin news this week we will be sharing with you the most relevant information related to Litecoin.
There are several developments taking place on the Litecoin community and the entire community is excited about the future of this virtual currency. Charlie Lee, the creator of this digital asset is also sure there are tons of great Litecoin news to share.
Litecoin Visa Card
This is one of the most important things that took place in the Litecoin community in recent days. Users can already convert LTC coins to dollars in just a few minutes. The Litecoin Card is a debit card that allows users to stay and use Litecoin on a regular basis.
Individuals will be able to pay using Litecoin in all VISA-supported stores. You will have the possibility to deposit Litecoin, Bitcoin (BTC) and Ethereum (ETH) and receive LTC to pay for goods and services with your Litecoin Card. All the transfers will then be processed in U.S. dollars when the payment is accepted.
The LTC you own in your card is then converted to fiat and paid to the merchant that accepts the VISA card. This is just one of the many ways of increasing LTC usage and crypto adoption around the world. At the moment, only U.S. residents can have access to the Litecoin Card. Other countries and regions will have to wait longer for it.
Grayscale’s Litecoin Trust
A few weeks ago Grayscale’s Litecoin Trust (LTCN) began trading publicly in the market. The fund will be providing institutional investors exposure to Litecoin, which currently has a market capitalization of around $3.82 billion.
This will make it very easy for investors that do not have access to the crypto market to get exposure to digital assets and altcoins in a fast and easy way. Grayscale informed that accredited investors held over 2,500,000 LTCN shares in private placement deals that took place in the last month.
Grayscale Managing Director Michael Sonnenshein explained about it:
“Shares in our 10 private placements are only available to institutional and accredited investors so it’s great to continue to work with regulators so more investors can access the asset class.”
Litecoin’s Mimblewimble Official Launch
Litecoin continues to move forward with the Mimblewimble implementation to provide privacy to users on the LTC network. The main Litecoin developer David Burkett is working on this implementation and the testnet should be launch as soon as this month.
One of the innovative things about this implementation on the Litecoin network is the use of Initial Block Downloads. While other blockchain networks use full nodes to download large amounts of data, Litecoin will be using much less information about previous transactions.
The main issue is related to the funding necessary to implement Litecoin’s Mimblewimble features. The goal was to get $72,000 in donations. Charlie Lee has matched donations and there were more than $48,000 already donated to this project.
If the Mimblewimble implementation is finally live, it will allow Litecoin to become the largest cryptocurrency to implement privacy features for users that do not want to share their information when they make transfers on the blockchain. In addition to it, users will be able to process transfers as if they were transacting using cash.
Fundamentals Heating Up
Litecoin’s Fundamentals are also an important part of Litecoin news. They are showing signs of expansion and this is certainly something very positive for this virtual currency. The number of transactions continues to expand.
During the first weeks of the year, the LTC transactions were close to 20k per day. However, this number skyrocketed to 50k per day a few days ago. This shows that there are more transfers taking place on the LTC network as we leave behind the messy 2020.
Furthermore, Litecoin’s hash rate has also been growing despite the coronavirus crisis that affected the entire world. Early this year, the hash rate on the Litecoin network was close to 150T hash/s, and it reached 250T hash/s a few days ago.
This and the Mimblewimble testnet launch in the coming weeks would be massively bullish for Litecoin. The digital asset continues to show that it is among the largest in the world due to different reasons. After Bitcoin, Litecoin was the only cryptocurrency that never left the top 10 for a longer period of time.