Litecoin saw some significant announcements and developments in the previous week. From being available for purchase directly for Vast Bank customers to Litecoin shooting up by 21% in the previous week. Let’s look at some of the biggest stories.
Litecoin Surges 21% In One Week.
Litecoin had an extremely positive week, with its price rising by 21% over the course of just seven days. Litecoin was the largest mover in the market after only Solana and Polkadot and has surpassed others such as Bitcoin Cash, Luna, and Chainlink.
Litecoin made significant gains, with its price rising to $212, and with the current bullish sentiment, we could see the price rise even further. LTC is fast gaining on its closest competitor Uniswap, which was affected by the news that the SEC is investigating the platform’s founders.
While Litecoin has continued to grow, it has also faced significant criticism with regard to decentralization. Litecoin’s founder has also announced that he has sold most of his LTC in a bid to push for decentralization. LTC developers have been working to implement better privacy, and privacy features for several years but has made little or no progress. This has led to several LTC holders selling their share and invest in other currencies such as Solana, Polkadot, or Cardano.
Vast Bank Customers Can Now Directly Buy Litecoin
Litecoin is among eight cryptocurrencies that are available to purchase directly from an FDIC-insured checking account for customers of Vast Bank. Vast Bank’s move to offer crypto had the approval of the OCC while also including discussions with the Federal Reserve. This makes Vast Bank the first federally chartered bank in the US that gives customers the ability to buy, sell, and custody cryptocurrencies from a checking account.
Partner at K&L Gates, Judith Rinearson commented on the developments stating,
“This is great news for the cryptocurrency community. It has historically been difficult for digital asset companies to even get banking services, much less to have a bank that provides digital asset services. I view this as a step in the right direction, and I suspect that we will see more banking/digital asset ventures in the future.”
The CFO of Metallicus, a US-based crypto exchange, Irina Berkon, also commented,
“The application of blockchain technology has been growing, especially in the financial services arena. Proper, thoughtful, and progressive regulation is key to promoting legitimate use cases for digital assets. I am so happy to see the Vast Bank opening its doors to the unbanked population of crypto holders, blockchain development companies, innovators, and creators who benefit from strong regulations by a financial institution.”
Growing Activity On The Litecoin Network
The official Twitter handle of Litecoin also tweeted about the growing activity on the Litecoin Network. Litecoin has seen a significant increase in the number of daily active addresses and is currently on par with Ethereum.
Litecoin Gaming’s Mainstream Push
Litecoin gaming’s largest streamer has his viewers donating to him in LTC, with one of them purchasing LTC worth $10,000 since joining the organization. This also comes after the news that Landon Cassill will earn his pay in $LTC at the ‘Sport Clips Haircuts VFW Help A Hero 200’ at #Darlington Raceway.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.