In an interview with Cheddar, Charlie Lee, the Founder and Managing Director of Litecoin [LTC] has opened up on his future plans for the cryptocurrency. The discussion covered Litecoin’s recent partnership with TokenPay, its stake purchase in WEG Bank, Robinhood listing Litecoin, and its adoption by other merchants and exchanges.
The scientist started by answering the question of ‘how the partnership between Litecoin and TokenPay makes sense’. Charlie explained that the Litecoin Foundation was facing many difficulties in claiming a bank account. In order to resolve this, he mentioned that purchasing stakes in a bank will enable him to “work the bank from the inside”.
Charlie has also set a vision for Litecoin’s adoption in the banking sector. He wants to integrate cryptocurrency related activities with banks such as introducing Litecoin Debit Cards, merchant solutions and the establishment of both fiat and cryptocurrency accounts for bank customers.
During the discussion, a concern regarding the banks’ reluctance to adopt cryptocurrencies was raised. At this, the cryptocurrency innovator stated that he has not interacted with a lot of banks regarding partnerships since most banks are conservative. Additionally, he said that he will be happy to get involved in cases of emerging interest for cryptocurrency in the banking sector.
The partnership between Litecoin and TokenPay is believed to help TokenPay with Litecoin’s high-level blockchain capabilities. Charlie explained how Litecoin can assist TokenPay in defeating blockchain-related limitations and that one of the solutions is to establish TokenPay on the Lightning Network. He will also be working on the development of TokenPay’s decentralized exchange, by guiding the development team.
According to Charlie, it is a fruitful strategic partnership where both the parties can provide each other with the best of what they possess.
Talking about Litecoin’s price drop by ‘nearly 30% in the course of last month’, Charlie Lee clarified that the prices will not affect the adoption of his coin in the short-run. However, in his opinion, Litecoin will perform well in the long-term and the prices will soon regain health.
He further explains that the focal point of Litecoin’s success appears to be the widespread adoption of the cryptocurrency. Just like Robinhood, an increasing number of merchants and exchanges accepting and adding Litecoin to their base has been recorded.
Charlie was also asked about the important elements required for Litecoin to gain more momentum. The interviewers also mentioned that the millennial user-base of Robinhood exchange has an abundant interest in this space but lacks the knowledge. On this, Charlie Lee displayed positivity and shared his view that the youth makes a great market for his coin. He aspires to bring an extreme ease of trade in Litecoin by making it available on as many exchange platforms as possible.
He also dedicated a Twitter post about Robinhood, where he wrote:
“The Robinhood interface is really slick. This is a great easy way to get exposure to LTC price movements. Though you can’t withdraw your LTC yet, I believe they are working on this feature.”
Lastly, on being asked to shed some light on his plans for how he is going to make all this happen, he said that he plans on enabling merchants to accept, pay, and also receive a payout in Litecoin as well as in fiat.
At the time of writing, the LTC price shows a bullish trend with a weekly gain of 2.11%. It is trading at $77.33 with a market cap of $4.43 billion and a 24-hour trading volume of $262.4 million.