The Bitcoin and cryptocurrency payment services provider BitPay has announced its support for Litecoin in the BitPay Wallet app.
Businesses using BitPay are now able to accept Litecoin as a payment method from any wallet, and can buy, store and swap crypto in addition to buying gift cards safely and securely. Newegg, a tech-focused e-retailer in North America, with a global reach in Europe, Asia Pacific, Latin America, and the Middle East, 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.
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.
“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 emphasises 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.”
Founded in 2001, Newegg offers a comprehensive selection of 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 e-commerce giant like Newegg. We’re extremely excited that Litecoin is now supported by BitPay, making it very easy for any merchants to accept LTC.”
In addition to Litecoin, 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.