LitePay was launched yesterday and while the launch helped Litecoin (LTC) prices to a certain extent, the bullish trend soon vanished and as of this writing LTC was trading at 3 per cent lower price of $216.93.
LitePay as a service doesn’t differ from BitPay – it enables merchants and businesses to accept payments in Litecoin. The launch however, has been postponed for the customer end with recipients on the LitePay mailing list receiving emails that the intended launch of the service is ‘imprudent’.
LitePay has cited hostile actions by card issuers towards crypto companies for the delay in launch. LitePay said that it was imprudent at this time to offer LitePay card registrations; however, they will continue monitoring the situation with regards to card services and will open registration as soon as a reliable product can be supported.
On the merchant side the launch did happen as planned with merchants and companies being able to sign up for a LitePay Merchant Payment Processing account at the time of launch. The idea most people had would be that the LitePay Card would work the same way as a Visa or debit card enabling users to spend Litecoin from the card with businesses operating LitePay.
LitePay helped create a mini pump and dump sort of situation for Litecoin. In the run up to the launch LTC climbed 26 per cent; however, it soon declined from over $233 to $216 where it currently trades. However, LTC is a pretty stable crypto and one of the best performing altcoins in February. So any payment system will of course be a complementary thing that will only increase the overall adoption for the digital currency and improve its longer term prospects.