The global bitcoin provider (buy Bitcoin with PayPal) and cryptographic payment services BitPay announced that it now supports Litecoin (LTC). Therefore, companies using BitPay should now accept LTC as a payment option.
Recent reports indicate that Newegg.com, a technology-focused online retailer, will be the first merchant worldwide to accept LTC via BitPay. The first of those that the Litecoin Foundation believes are thousands.
LTC creator Charlie Lee noted, Litecoin's fast transaction times and super low fees are ideal for an e-commerce giant like Newegg.
"We are extremely excited that Litecoin is now supported by BitPay, making it very easy for any merchant to accept LTC."
A history of early adoption
Newegg.com was also the first company to accept BTC as a payment option in 2014. At the time the online retailer first entered into its partnership with BitPay. Initially, the BTC payment option was only available in the United States and Canada. However, the successful collaboration allowed them to extend the option to their customers in 73 additional countries in 2019.
Andrew Choi, Senior Brand Manager at Newegg, commented, “As the first major online shopping destination to work with BitPay to accept Bitcoin and now Litecoin, Newegg supports our first customers globally and underlines our commitment to bring innovation in the online shopping experience.
"The enthusiasm and momentum around cryptocurrency is undeniable and we are committed to making it easy for our customers to shop online."
Additionally, the company added the meme-inspired Dogecoin (DOGE) in April, around the peak of its remarkable growth.
BTC, LTC and DOGE make up the 12 cryptocurrency payment options also available on BitPay. It supports other market leaders such as Ether (ETH) and Ripple (XRP), as well as Bitcoin Cash (BCH) and Wrapped Bitcoin (WBTC). Additionally, the platform supports stablecoins such as US Dollar Coin (USDC), Gemini Dollar (GUSD), and Paxos Standard (PAX).
According to reports, the settlement in LTC is expected to become available on BitPay in the summer of 2021.
Litecoin on the rise
While it is nowhere near the peaks it reached in May, the data indicates that LTC has had a positive week. Rising steadily from a decline it faced around July 20, it saw a low of $ 104,33 at that point.
And while the growth from that price certainly wasn't monumental, it's still significant. At press time, LTC was worth $ 147,24. Additionally, it ranked as the 14th most valuable cryptocurrency by market capitalization.