- Litecoin founder Charlie Lee announced plans to expand the cryptocurrency into banking services at the recent Litecoin Summit in Nashville.
- Additionally, Charlie Lee is optimistic about a potential Litecoin ETF in the U.S.
Charlie Lee, founder of Litecoin, has consistently captured the crypto community’s attention. At the recent Litecoin Summit in Nashville, Charlie Lee, the founder of Litecoin, announced that Litecoin would be expanding into the banking sector.
CHARLIE LEE ANNOUNCES LITECOIN IS EXPANDING INTO BANKING SERVICES.
At the recent Litecoin summit held in Nashville, the integration of Litecoin into banking giant BBVA’s app was unveiled.
This option to purchase Litecoin through BBVA is currently limited to Turkey.
Forward! pic.twitter.com/KtNdaSlC6n
— Al
(@lite_hause) August 8, 2024
Already walking the talk, “the silver to Bitcoin’s gold” has expanded its reach via a strategic partnership with BBVA, a leading global bank valued at $775 billion. This integration will allow BBVA customers to buy and manage Litecoin within the bank’s app seamlessly and is currently available exclusively to users in Turkey.
This is a major leap for Litecoin because it is closing the bridge between traditional banking and the vast, evolving digital currency sphere. Also, by partnering with a financial heavy hitter like BBVA, which currently boasts a market capitalization of $775 billion, the token is gaining unprecedented exposure to traditional finance.
Additionally, with such a strategic plan, the digital asset is relentlessly pursuing becoming a cryptocurrency dominant. The digital currency is experiencing unprecedented growth. As CNF earlier report reveals that its transaction volumes are surging. In just seven months of 2024, the coin has already processed 62 million transactions, eclipsing 2023’s total of 67 million.
Following the announcement, LTC started showing signs of recovery, as the token has been witnessing plummets recently. At the time of writing, the token is swapping hands with $$61, marking a 3.06% surge in the last 24 hours.
Following the announcement, social media is abuzz with speculation about the potential impact of the price. Having backing from a financial behemoth means greater adoption and accessibility, which could potentially boost investor confidence and drive demand for Litecoin.
Litecoin Founder Optimistic About ETF Approval
It is worth reminiscing that as Litecoin gained exposure to financial institutions early this year, Lee was certain that the SEC would approve an LTC ETF for trading in the U.S. securities markets.
Litecoin’s founder, Charlie Lee, tweeted that he is optimistic about the possibility of an LTC ETF gaining approval from the U.S. Securities and Exchange Commission (SEC). His confidence stems from the approval of Bitcoin and Ethereum ETFs in Hong Kong and the existing Bitcoin spot ETF in the U.S.
Lee’s case rests on the assertion that Litecoin, like Bitcoin, is a commodity. Both cryptocurrencies share a proof-of-work consensus mechanism, which is crucial in the SEC’s approval of the Bitcoin spot ETF. According to Lee, these similarities could open the door for a Litecoin ETF.
Despite Lee acknowledging that Litecoin’s demand can not match the apex cryptos such as Bitcoin and Ethereum. The latter has seen a surge in popularity, with the token rubbing shoulders with top altcoins such as Ethereum and Ripple.
