Charlie Lee told Cointelegraph this is their second attempt at the endeavour as the previous one failed: “We previously worked with LitePay on a debit card but that failed when LitePay went out of business.”
Lee also drew a distinction between this Litecoin-native debit card and other crypto cards that support the currency:
“There are other crypto debit cards available today that support Litecoin, but they only support funding with LTC. This card is natively LTC, so funds are kept in LTC until you swipe the card.”
Though Litecoiners can already sign up for the card, the service itself will not be made available for another few weeks. On a lighter note, Lee noted his opinion that there is no such thing as a “Litecoin maximalist”:
“I don’t think that even exists. Most Litecoiners support and hold BTC also.”
Users will be able to make deposits in twelve of the most popular crypto currencies, including all major stablecoins. According to Lee, approximately 300 users have signed up so far. Meanwhile Litecoin has continuously stayed among top ten coins by market capitalization and has one of the biggest followings on social media.