Litecoin (LTC) Now Available on Binance-Backed SafePal Wallet

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A short while ago, the Litecoin Foundation, founded and managed by Charlie Lee, announced its new partnership with SafePal cryptocurrency wallet. The SafePal team says that their cold storage wallet is the only crypto wallet that the top exchange Binance has invested in.

About SafePal ‘cold’ wallet

The startup was founded last year by former employees of top Chinese and South Korean companies. It has people from Samsung, Huawei and Tencent. While describing their wallet, the team says:

SafePal aims to solve real-case problems that crypto users are facing with in their day-to-day crypto storage, payment and management. Our mission is to provide the most secure, easy-to-use and affordable hardware wallets for the masses.”

SafePal supports over 500 types of coins, including BTC, ETH, XRP and now LTC. It stores users’ private keys on a chip that would initiate self-destruction at any attempt to hack it. Thus, the private key would be erased and the coins kept in safety until you restore your key.

The team also states that the wallet operates totally offline – it does not use Bluetooth, WiFi or anything like that. The gadget, as is promised, does not need a laptop to make a crypto transaction.

Recent Litecoin’s milestones

As reported by U.Today recently, Litecoin is working on its BlockCard side by side with Bibox crypto exchange and a crypto startup Ternio.

The card is expected to launch in Q4 this year in the US. It will appear in other countries later on. The card will be accepted in all offline stores with regular PoS terminals and will allegedly support not only Litecoin, but also BTC and ETH. It will also allow holders to use BIX and TERN, the native coins of Bibox and Ternio.

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Things not looking good for LTC

On August 5, the LTC team conducted the second halvening in the Litecoin network, reducing miners’ reward from 24 LTC to 12.5 LTC.

Such events are normally expected to push the asset’s price up. This indeed happened for a short while after the halving took place, when LTC hit $100. However, later on, the price went down.

At the moment, various sources are reporting that Litecoin is losing its hashrate drastically, meaning that LTC miners are quitting. Besides, since the halving, LTC has lost around 30 percent on its market value.

At press time, LTC is trading at $69.13.

Image by CoinMarketCap.com