Blockchain payment start-up Flexa, announced earlier this week that the fourth-largest digital currency on the market, Litecoin (LTC), would be the latest cryptocurrency accepted on its network that comprises more than 39,000 merchants. The move came a week after Flexa launched its service in the US.
“As one of the first (and highest volume) cryptocurrencies, Litecoin distinguishes itself with low transaction fees, fast confirmation times, and an active community of avid supporters and payments enthusiasts,” Flexa said in a blog post published on Wednesday. “As the first instant cryptocurrency payments network, Flexa offers direct point-of-sale payments at more than 39,250 stores (and counting) across the United States. With their efforts combined, Flexa and Litecoin are delivering on cryptocurrency’s promise of secure, fast, and fraud-resistant payments that improve the status quo for merchants and consumers alike.”
Litecoin’s creator Charlie Lee commented on the development, saying that it would help boost LTC adoption.
Flexa’s service supports four other digital currencies – Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and the Gemini dollar stablecoin (GUSD).
Litecoin has seen some positive price action following the announcement, rising to a four-day high of $126.67 on Thursday. However, the coin couldn’t sustain trading at those levels and plunged sharply towards the end of the session. The coin finished the day at $119.98, well below its opening price of $122.50.
Following yesterday’s slump, Litecoin has remained relatively stable in today’s trading. The digital coin tumbled to as low as $117.72 in the morning, but has since managed to recover its losses.
As of 13:02 BST on Friday, the Litecoin price stood at $120.01. The coin has lost 2.8% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market cap currently stands at $7.5 billion.
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