Cryptocurrencies came into existence with the sole intention of providing a stable alternative for fiat currencies. However, large scale speculation resulted in extreme volatility in the space, which discouraged large scale adoption.
Large scale adoption is quite essential for the crypto space to grow and expand. In fact, the last year’s crypto crisis have shown markets cannot simply rely on speculations. Therefore, several crypto companies are making efforts to facilitate the mass adoption of their respective tokens.
Litecoin is one of such companies, and have been quite successful in the past few months. The digital coin has witnessed a considerable rise in adoption since the beginning of 2019, in the crypto realm as well as traditionally. An overdue course of time, Litecoin has positioned itself as one of the most reliable cryptocurrencies among investors and crypto traders across the globe.
Further enhancing its adoption, cryptocurrency loan provider, Nexo has added Litecoin on its instant loan platform. The company announced via a tweet on last Friday, stating that,
We are thrilled to announce Litecoin as the newest collateral option for Nexo’s instant credit lines.
LTC holders can now access instant cash in 45+ fiat currency while keeping the upside potential of their #LTC!
— Nexo (@NexoFinance) March 29, 2019
On the same day, the company said in a blog post that the decisions are in line with the growing demand from users to allow Litecoin as a collateral option, in addition to the existing options of Bitcoin, Ethereum, Ripple and the company’s self-backed token Nexo. The crypto lender further stated in the post that allowing Litecoin Holders to avail loans against the digital asset, instead of selling them at the time of cash requirements, adds a to the usefulness of the cryptocurrency.
“It eases selling pressure and makes the HODLing LTC even easier for the long run. On top of that, Nexo’s instant credit lines are a powerful tool for creating tax-efficiency,” the company further added.
Before this, Litecoin has been making steady progress in the mass adoption game. It recently collaborated with concert production company C&U Entertainment Global, to allow Litecoin to be used for the “Feel the K-Pop” concert. The digital token is also exploring the combat sports space, in a bid to provide global exposure for LTC, as it collaborated with international Kickboxing organization, GLORY.
Adoption is the key to the success of cryptocurrencies in the future. Giants like VISA Inc have also recognized this fact. The global payments platform recently announced that it would be integrating blockchain technology with its global operations, to facilitate payments using cryptocurrencies. The social networking champion Facebook is also working on a stablecoin, targeted towards improving cross-border payments.
Following footsteps, Russian social company, VKontakte (VK) has revealed plans to launch its digital token, focused on on-platform money transfers between users. IBM, the American tech behemoth, recently launched its global payments platform, World Wide, in partnership with Stellar Coin.
Other sectors which been adopting cryptocurrencies for a long time include Internet browsing through Brave and Basic Attention Token (BAT), mobile data through DENT, and E-ticketing through GUTS Tickets.
Several countries are taking steps to cryptocurrencies at a national level. These countries include names like Argentina, Russia, and Venezuela, to reduce their dependence on the US Dollar. However, to achieve mass adoption, volatility in the space needs to be curbed down.
The adoption of cryptocurrencies has even bigger scope in crisis-ridden countries like Venezuela, as digital currencies are a stable alternative to the devaluing fiat currencies in these regions.