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Litecoin price (LTC/USD) falls following postponed LitePay launch

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The Litecoin price (LTC/USD) has suffered losses following reports that a launch of a new payment processor for the fifth-largest cryptocurrency has been indefinitely postponed.

The digital coin has performed strongly over the past couple of weeks, in part thanks to the recent announcement of a new service for LTC payments. The platform, dubbed LitePay, was expected to launch in 41 countries on February 26. However, according to media reports, at least on the consumer side, the launch has been postponed “due to recent hostile actions by card issuers towards crypto companies”.

“Due to recent hostile actions by card issuers towards crypto companies, we have decided that offering LitePay card registrations at this time is imprudent,” LitePay reportedly told recipients on its mailing list.  “We will continue to monitor the situation with regards to card services and will open registration as soon as a reliable product can be supported,” the company added, as quoted by industry website NewsBTC.

The message appears to be referencing recent moves by several large banks to suspend credit card cryptocurrency purchases. NewsBTC points out that while news of the credit card clampdown has been reported weeks ago, LitePay has chosen to reveal its decision on the day of the launch.

The publication also says that on the merchant side the launch went as intended, with businesses being able to sign up for a LitePay Merchant Payment Processing account at the time of the launch.

In today’s trading, the Litecoin price stood at $216.78, as of 17:18 GMT. The digital coin has lost 3.1% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap.

For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.

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