The start of the year has been tumultuous for cryptocurrencies, to say the least. And, in spite of being one the major altcoins, Litecoin (LTC), has had its fair share of troubles these past few months. Ever since the LitePay scandal, LTC’s price has seen a sharp decline. Even Abra’s (a peer-to-peer mobile wallet app) adoption of Litecoin’s network to run smart contracts effective from April 13, didn’t see as much a growth of the market price of LTC as was expected in the market.
Could a dark, dark cloud does have a silver lining after all?
Yes, it does.
In a recent development, Litecoin announced a partnership with Aliant, a payment system that has been working with small businesses and medium scale merchants for the past fifteen years. This isn’t the first time Aliant is working to bring cryptocurrencies to the access of the masses; Bitcoin and Ethereum have integrated with the system too.
As stated by Eric Brown, CEO of Aliant Payment Systems, “Our merchants look to us for innovative ways to transfer money safely, securely, and cost-effectively. Cryptocurrency allows us to move money in all of these ways, while also offering consumers more payment options.”
The alliance gives a great incentive to traders to embrace cryptocurrencies, especially since Litecoin offers lower transaction fees and faster transaction processing. This is of particular benefit to small-scale vendors for everyday purchases such as grabbing a coffee or a bagel. All in all, it could mean a larger adoption by the general community.
With the surprising cancellation of LitePay, Aliant labels itself as the first official payment processor, marking a new beginning for Litecoin users to increase the availability of LTC transactions globally. The news is a source of positive sentiment which could translate into an even more positive spike in the market price, as well as encouraging adoption by the masses.