After an abrupt shutdown of litepay, the CEO of litecoin, Charlie Lee issued a public apology for failing to conduct due diligence on the new litecoin based payment system. The price of litecoin had surged in mid-February following the announcement that litepay would offer both merchant services and an LTC-funded debit card. After its cancellation, many owners were left wondering what next. Abra seems to have come to its rescue with the aim of providing a bright future for Litecoin.
After it was announced about litepay, the price of litecoin surged to $247 on February 21st. Nonetheless, with no product to maintain this price, the price gradually plummeted to about $122 by March 29th. This was a 50% drastic drop in value.
Some suggested that the coin should continue with the project but in a different approach, while others simply lost their faith and thought it was going to be business as usual. However, Abra, through its CEO, Bill Barhydt, was quick to announce that LTC would be its platform of choice due to its smart contract-based system.
LTC has borrowed a lot from Bitcoin, but their main focus is on real-life solutions. This fact has made them better than other cryptocurrencies regarding usability and enhanced features. Moreover, the coin is affordable, with low transaction fees compared to Bitcoin.
According to Abra CEO, the coin offers unrivalled lightening support; it is compatible and scalable with the bitcoin blockchain. Furthermore, the coin offers low transaction fees, which is in line with Abra’s near future goals. If these two firms partner, the price and value of litecoin will skyrocket when the markets rebound.
Moreover, this collaboration will increase adoption, volumes and provide better services and support to the consumer base. Litecoin is currently struggling to sustain its market like any other coin, as such, it is a risky investment. However, as noted above, there are many reasons to have faith in the future of the coin.
Do you think Abra working with Litecoin guarantees a bright future for Litecoin after Litepay could not go through?
Let’s know your thoughts below.