LitePay, a Litecoin payment processor is slated to launch Monday night at 9 p.m. Pacific time. But it’s already gotten a little complicated for the new service.
On the day of its release, LitePay sent an email to its mailing list subscribers saying that it will delay its card registration process indefinitely because of “hostile actions by card issuers towards crypto companies.” It’s unclear whether there was ever an intention of opening consumer card registration on this date, so Litepay might still be on schedule. Registrations for merchants to accept the service start at 9 p.m. Pacific regardless, which may be all that was ever planned for Monday’s launch.
However the lack of clarity regarding consumer registration has rubbed some Litecoin enthusiasts on the altcoin’s subreddit the wrong way. LitePay’s website says users will be able to register for a special debit card that they could transfer Litecoin funds into and use at select locations, much like Bitpay does for bitcoin.
This is a pivotal feature of the payment system that has the possibility to turn the cryptocurrency into less of an online asset and more of spendable tender. In the same email, the company stated that it “will continue to monitor the situation with regards to card services and will open registration as soon as a reliable product can be supported.” Beyond the email, there’s been no word from LitePay as to what exactly is going on.
The company has maintained a scant social media presence with only two announcements being made on its Twitter page. Inverse reached out to LitePay for comment but has yet to receive a reply. Read more from inverse.com…
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