After the whole Litepay debacle, the Litecoin Foundation is again partnering with a payment provider in a move that could see it offer a proper debit card option.
This time, the foundation has teamed up with TenX, with an announcement from the company coming after it had already added LTC to its wallet app.
TenX claimed that the option to trade LTC came up without any official statement because it wanted a small pool of users to notice it first and thus give the wallet provider a chance to live-test the solution and iron out any bugs.
“Going forward this will be our process for new coin integrations to ensure both stability and wide availability,” the startup wrote.
This new partnership resurrects the idea of Litecoin holders being able to spend their money with a debit card, which was the intention all along.
“We have reached out to, and are working with the Litecoin Foundation to introduce a co-branded card for which more information will be available soon. We hope to become the preferred payment platform for fans and owners of Litecoin,” TenX added.
Litecoin creator Charlie Lee was more direct about the whole arrangement, announcing in a tweet that the Foundation is “working with them to launch a Litecoin debit card.”
Although a timeline has not been provided, the partnership with TenX is less likely to unfold as Litepay did in the past. This startup has a proven record of integrating cryptocurrencies like Bitcoin and Ethereum into its debit card system.
On the other hand, it also has a history of kinks to work out with regard to security. A flaw in its web app allowed hackers to brute-force passwords and gain access to individual wallets. However, the glitch was discovered quickly by a bounty hunter, prompting TenX to disable the web interface in order to fix it.
Security concerns aside, this might help generate more enthusiasm about using cryptocurrencies as payment options rather than speculative instruments.