Litecoin Prices Climb After Litecoin Foundation Announces Partnership

clicks | 7 months ago | comments: discuss | tags: bitcoin

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Litecoin prices rose over the last few days, pushing higher after the Litecoin Foundation announced a strategic partnership with payments platform TokenPay . The foundation received a 9.9% stake in Germany's WEG Bank AG from TokenPay in exchange for helping the latter meet its digital currency objectives.
Following this announcement, which was made close to 5 p.m. Eastern Time on July 10, Litecoin prices enjoyed gains.
The alternative protocol asset or "altcoin," which is very similar to Bitcoin, rose to as much as $80.80 today on CoinMarketCap , which represented a 6.9% increase over the last 24 hours and a 5.4% gain since the start of the day.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
'A Bold Move'
Some analysts spoke to the strategic partnership, emphasizing its implications for both the Litecoin Foundation and the broader digital currency space.
"This is a bold move from the Litecoin Foundation and groundbreaking for the crypto-industry," said Mati Greenspan, senior market analyst for social trading platform eToro .
"The best way to improve financial services is to integrate with them and Germany is the perfect place to begin."
Charles Hayter, co-founder and CEO of digital currency data platform CryptoCompare , also weighed in on the matter, describing the partnership as a " quite a bold change" in the Litecoin Foundation's usual way of doing business.
Disclosure: I own some Bitcoin, Bitcoin Cash and Ether....