The "Internet of Money" and Future of Crypto Commerce
Litecoin, the 5th largest cryptocurrency by market cap, is on a tear, rallying over 50% during the past week. Kenneth Asare, CEO of LitePay, a Litecoin payment processor, was with us to explain why merchants need to be ready for the digital currency revolution.
On February 26th, 41 countries will have access to LitePay merchant payment processing. Retailers will be able to use LitePay's retail, e-commerce, billing, and donation tools to accept Litecoin payments from customers anywhere on earth. Asare said the platform is targeting people with access to smartphones, but not banking.
Asare said Litecoin is the 'internet of money.' He stressed that it's not a way to replace fiat currency or the stock exchange, and it's not something to invest in. Instead, this is the very beginning of a new way of sharing and transferring value, he said.
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Bitcoin ticked higher Friday but still hit a one-month low amid a broader crypto slump. Investors are eyeing the potential liquidation of payments from collapsed exchange Mt. Gox, alongside the recent debut of three Bitcoin-linked futures ETFs as the SEC continues to avoid approving spot product ETFs. Steve Larsen, Co-Founder of PlannerDAO, joins Cheddar News' Closing Bell to discuss the broader crypto slump, why Mt. Gox is a concern, and more.
