South Korea is making a big leap toward crypto adoption as it prepares to enable Litecoin (LTC) withdrawals in thousands of ATMs in the country. But how is this relevant to the crypto iGaming sector?
Litecoin Foundation and MeconCash have paved the way for LTC holders in South Korea to withdraw their crypto in Korean won (KRW) in real-time and without using an online cryptocurrency exchange.
By giving LTC users the power to swap LTC for quick cash, MeconCash, through its own M.Pay platform, allows LTC users to send remittances. They can also purchase products on MeconMall and pay for M.Pay-supported mobile games.
MeconCash Chairman Jo Jae Do said:
“Through our partnership with Litecoin Foundation, we will grow the presence of Litecoin throughout the Korean market starting with the ATM withdrawal services. And with Litecoin Foundation as our partner, we are expecting to grow globally and see positive synergies in the upcoming future not only in the Korean market but also in the global market.”
With this large-scale business model in the cryptocurrency market in South Korea, Litecoin creator Charlie Lee sees this partnership as an effective way to bring LTC closer to the people and strengthen its hold in the South Korean market.
Meanwhile, the crypto iGaming industry sees this development as an opportunity for crypto gaming to attract new players in countries where online gambling and betting is allowed.
Adoption is one of the main challenges even crypto casino and sports betting operators face. Because the process of buying crypto and exchanging them for fiat money can be too daunting, some players choose to not enter the world of crypto and blockchain gaming.
If more institutions and companies will follow the steps taken by the Litecoin Foundation and MeconCash, then more users will learn how convenient using cryptocurrency is, whether for purchasing items, receiving remittances, or placing bets online.
Allowing instant conversion from crypto to fiat money upon withdrawal from a local ATM will benefit Bitcoin casino players and sports bettors. They can simply go to the nearest ATM, then withdraw their crypto winnings like how some players would take out their funds from top Litecoin casinos today.
If you’re interested in getting an updated 2020 list of all Bitcoin casino reviews for this market, check out the casino review section.