What occurred
During the last 24 hours, the worth of Litecoin (LTC 15.56%) jumped almost 8% as of three:40 p.m. ET after the funds firm MoneyGram (MGI -0.19%) introduced that it could allow customers to commerce and retailer a number of cryptocurrencies, together with Litecoin, on its app.
So what
Along with Litecoin, Moneygram can even permit customers to commerce and retailer Bitcoin (BTC -0.92%) and Ethereum (ETH -2.79%). Nonetheless, with Litecoin having a lot much less of a following and a a lot smaller market cap, the information didn’t transfer Bitcoin and Ethereum in the identical manner it boosted Litecoin.
MoneyGram’s CEO Alex Holmes stated in a press release: “Cryptocurrencies are additive to the whole lot we’re doing at MoneyGram. From {dollars} to euros to yen and so forth, MoneyGram permits instantaneous entry to over 120 currencies across the globe, and we see crypto and digital currencies as one other enter and output choice.”
Moneygram has served greater than 150 million folks over the past 5 years, so it actually has sufficient scale to unfold extra consciousness of Litecoin and doubtlessly develop adoption of the token.
Now what
Litecoin is definitely one of many earlier cryptocurrencies, having been launched in 2011. On the time, I imagine the worth was that it may course of extra transactions than Bitcoin. There may be additionally a finite quantity of 84 million Litecoin tokens.
Sadly, since then a ton of recent blockchain networks have popped up, all in search of to extend the variety of transactions per second they’ll course of. Because of this, and given the following crypto winter, I am actually solely within the extra established tokens like Bitcoin and Ethereum proper now.
Bram Berkowitz has positions in Bitcoin, Ethereum, and Litecoin. The Motley Idiot has positions in and recommends Bitcoin and Ethereum. The Motley Idiot has a disclosure policy.