Litecoin Becomes Latest Payment Option Added to BitPay

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In Brief
  • Tech e-retailer Newegg.com becomes the first merchant to accept LTC via BitPay.

  • Newegg was also the first company to accept bitcoin via BitPay back in 2014.

  • LTC appears to be recovering from a recent decline in price; worth $147 at time of press.

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Global provider of bitcoin (BTC) and crypto payment services BitPay has announced it now supports Litecoin (LTC). As such, companies using BitPay should now accept LTC as a payment option. 

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Recent reports indicate that Newegg.com, an online tech-focused retailer, will be the first merchants worldwide to accept LTC via BitPay. The first of what the Litecoin Foundation believes to be thousands.

LTC’s creator, Charlie Lee, remarked, “Litecoin’s fast transaction times and super low fees are ideal for an ecommerce giant like Newegg.

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“We’re extremely excited that Litecoin is now supported by BitPay, making it very easy for any merchants to accept LTC.”

A history of early adoption

Newegg.com was also the first business to accept BTC as a payment option all the way back in 2014. At the time when the e-retailer first formed its partnership with BitPay. At first, the BTC payment option was only available in the U.S. and Canada. However, the success of the collaboration allowed them to extend the option to their customers in 73 other countries in 2019.

Andrew Choi, Senior Brand Manager at Newegg, commented, “As the first major online shopping destination to work with BitPay to accept Bitcoin and now Litecoin, Newegg supports our early-adopter customers globally and emphasizes our commitment to bring innovation to the online shopping experience.

“The excitement and momentum around cryptocurrency are undeniable, and we are committed to making it easy for our customers to shop online.”

Furthermore, the company added the meme-inspired Dogecoin (DOGE) back in April, around the height of its considerable growth.

BTC, LTC, and DOGE make up the 12 cryptocurrency payment options also available on BitPay. It supports other market frontrunners such as Ether (ETH) and Ripple (XRP), as well as Bitcoin Cash (BCH) and Wrapped Bitcoin (WBTC). Furthermore, the platform supports stablecoins like the U.S. Dollar Coin (USDC), Gemini Dollar (GUSD) and Paxos Standard (PAX).

According to reports, settlement in LTC should become available on BitPay in Summer 2021.

Litecoin on an upward creep

While by no means anywhere near the heights it reached in May, data indicates that LTC has had a positive week. Steadily creeping up from a decline it faced around July 20th, at which point it saw a low point of $104.33.

And while the growth from that price has hardly been monumental, it is still significant. At time of press, LTC was worth $147.24. Furthermore, it ranked as the 14th most valuable cryptocurrency by market capitalization.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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