Litecoin Foundation Announces End of US Litecoin Visa Card Use
It is reported that the Litecoin Foundation tweeted that users will not be able to use the U.S. Litecoin Visa Card from May 1, 2023, because its partner Unbanked is transforming fr
It is reported that the Litecoin Foundation tweeted that users will not be able to use the U.S. Litecoin Visa Card from May 1, 2023, because its partner Unbanked is transforming from the bank partner Metro litan Commercial Bank, which has decided to stop supporting enterprises that contact digital currency. The tweet stated that this will only affect Unbanked’s US card program, not EU or UK cards, and will not affect withdrawals. During this period, Unbanked will seek alternative banking partners in the United States.
Litecoin Foundation: Litecoin Visa Card will be unavailable from May 1
The Litecoin Foundation recently tweeted that from May 1, 2023, users will no longer be able to use the U.S. Litecoin Visa Card due to a change in its partner Unbanked. The bank partner, Metropolitan Commercial Bank, has decided to stop supporting enterprises that deal with digital currency. The tweet clarifies that this change will only affect Unbanked’s U.S. card program, not the EU or UK cards, and will not affect withdrawals. During this period, Unbanked will seek alternative banking partners in the United States.
Why is the U.S. Litecoin Visa Card no longer available?
According to the Litecoin Foundation, the U.S. Litecoin Visa Card is being discontinued due to changes in its partner banks. The bank partner for Unbanked, Metropolitan Commercial Bank, which entered into a partnership with the Litecoin Foundation in 2019, has decided to stop supporting enterprises that deal with digital currency. This means that it is necessary to find a new bank partner that is willing to deal with digital currency.
How is this change affecting Unbanked’s cardholders?
Currently, Unbanked is working to find new banking partners in the United States. The tweet also clarifies that this will only affect the US card program and not the EU or UK cards. While this news may be disappointing for U.S. cardholders who have already enjoyed the benefits of the Litecoin Visa Card, withdrawals will still be possible.
What does this change mean for digital currency?
The discontinuation of the U.S. Litecoin Visa Card is not a reflection of the digital currency’s performance, but rather, it is due to the banking partner’s policy changes. Digital currency remains a viable and growing market, and there are still many opportunities for digital currency financial services.
In conclusion, the discontinuation of the U.S. Litecoin Visa Card is a result of changes in the bank partner’s policies. While this may be disappointing news for U.S. cardholders, withdrawals will still be possible, and Unbanked is working to find alternative banking partners in the United States. The decision of Metropolitan Commercial Bank to no longer support enterprises that deal with digital currency does not reflect on the digital currency market’s performance but rather highlights the ongoing challenges of integrating digital currency into traditional banking systems.
FAQs
1. What is the U.S. Litecoin Visa Card?
The U.S. Litecoin Visa Card was a partnership between the Litecoin Foundation and Unbanked that offered users the ability to spend their Litecoin cryptocurrency as USD at millions of merchants worldwide.
2. Can existing U.S. Litecoin Visa Cardholders still use their cards?
Yes. Users can continue to use their U.S. Litecoin Visa Cards until May 1, 2023.
3. What will happen to Unbanked’s card program in other regions of the world?
There are no changes planned for Unbanked’s EU or UK card programs, and users in those regions can continue to use their cards as usual.
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