The Litecoin Foundation, headed by entrepreneur Charlie Lee, announced on December 21st that it would be offering a payment processing link-up with Litecoin, called LitePay. Release was promised for February 2018 and is expected to launch this week, quite possibly driving up the price of the world\'s 6th largest cryptocurrency, LTC. Following the announcement, LTC was already up on 24-hour trading on February 4th by 22.15%, with a value at press time of $160.79.

Bitcoin has for a long time been bogged down in long verification delays and high transaction fees, so Litecoin, with its improved blockchain infrastructure, is all set to take over the retail market. With the implementation of LitePay, Lee\'s faster-than-Bitcoin spin-off will take Litecoin out of the realm of merely digital currency. LTC will become a real-life payment option similar to a fiat currency, allowing customers to make payments to businesses worldwide via a LitePay wallet. Transaction speeds will be extremely rapid and will allow customers in the UK to pay in dollars without incurring any transaction charges.

The Litecoin wallet will be compatible with all major desktop and mobile browsers. Instant withdrawals may also be made from ATMs compatible with VISA, and retail spending will be possible with any VISA merchant throughout the world.