• BitPay has processed over 200,000 Litecoin (LTC) transactions, valued at more than $35 million across its merchant networks.
• LTC is currently among the top-performing crypto assets and has typically shown greater strength over the last six months.
• Litecoin currently does 27 percent of all crypto payments on BitPay, second to Bitcoin which contributes 41 percent of the total payments on the platform.
The cryptocurrency industry is witnessing a surge in demand for payments via Litecoin (LTC). According to crypto processing firm BitPay, they have seen a rapid growth in their merchant network with over 200,000 LTC transactions, valued at more than $35 million. As of now, Litecoin processes 27 percent of all payments on BitPay.
Litecoin is one of the top-performing crypto assets and has shown considerable strength over the last six months, with its price up 40 percent in the second half of 2022 and outperforming Bitcoin by 130 percent in the same period. It is also the preferred payment network among crypto enthusiasts, billing itself as the silver to bitcoin’s gold.
Stephen Pair, the CEO of BitPay, said that its merchants are seeing a lot of support from the Litecoin community. He noted, “They really pay attention to the merchants on our platform and tend to become patrons of those companies.”
BitPay also noted that it has been using a multi-coin approach, which allows its users to transact with a variety of digital assets, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. This helps to provide a seamless experience while enabling customers to transact in their preferred crypto asset.
The crypto processing firm is also looking to expand its network and customer base. It is planning to launch a new service that will enable customers to pay for their purchases with crypto without having to go through the process of converting the digital asset to fiat currency.
Given the increasing demand for payments made with Litecoin, it looks like the crypto asset is going to be a major player in the payments industry in the future. As more people recognize the potential of the digital asset and as more merchants start accepting it, Litecoin is likely to continue to gain more traction.