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The Litecoin Foundation has confirmed CoinGate as the official payment processor for LTC. The information was released a few days ago by CoinGate chirping. Litecoin (LTC) is one of the most valuable virtual currencies on the market. CoinGate is one of the largest cryptocurrency payment gateways in the encrypted world.
Litecoin and CoinGate work together to process LTC payments
CoinGate will work with the Litecoin Foundation to process cryptocurrency payments. At the same time, the company will explore Litecoin's Lightning network. The Lightning Network (LN) is the second-level scaling solution for Bitcoin (BTC) and Litecoin.
The Tweet uploaded by CoinGate reads as follows:
"We are thrilled to announce that Litecoin Foundation has credited CoinGate as an official and reliable Litecoin payment processor! With the trust of the Foundation, we continue our work on Litecoin's upcoming Lightning network".
We are thrilled to announce it #LitecoinFoundation CoinGate credited as an official, trustworthy #Litecoin Payment processor! With the trust of the Foundation, we continue our work on the next Litecoin #LightningNetwork. More information on this soon! pic.twitter.com/gRhOwftlsJ
– CoinGate (@CoinGatecom) November 9, 2018
However, these are not all news related to CoinGate and Litecoin. Based on the Tweet, CoinGate will release more information about the topic in a short time. Although it is not clear when this information becomes available, it may have some ads to do.
Benas Bizevicius, a data analyst and a Bitcoin community builder in Vilnius, asked CoinGate if they will start using the liquid network. The Liquid network has been specifically developed for cryptocurrency exchanges that wish to process large transfers on the blockchain. To make this simpler and faster, developers have been able to create the so-called liquid network.
CoinGate commented that the liquid network is more relevant and useful for cryptographic exchanges than for payment gateways. So they informed them that they did not intend to adopt it or accept it anytime soon. However, they left an open possibility for the future.
"But who knows how it will end in the future", wrote the company.
The liquid network is more relevant to exchanges, so at the moment we do not plan. But who knows how it will end in the future!
– CoinGate (@CoinGatecom) November 13, 2018
The Litecoin Foundation has also started to promote Litecoin payments using the #PayWithLitecoin hashtag on Twitter. Other virtual currencies followed the trend and decided to conduct a similar campaign on social media. This has helped Litecoin to be used in people's daily lives and pay for basic things using LTC.
At the time of writing, Litecoin, as well as other virtual currencies, is drastically decreasing. It is the seventh largest crypt in the market with a valuation of $ 2.48 billion dollars. Each Litecoin can be purchased for $ 42 dollars. In the last 24 hours, Litecoin has lost more than 15% of its value. Bitcoin, for example, lost 12.5% during the same period of time.
Carlos is an international relations analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other major cryptocurrency sites; with over 2,000 published articles.
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