GETTY According to Charlie Lee, founder of Litecoin, LitePay will be released on February 26

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Charlie Lee, Litecoin founder and former director of engineering at Coinbase, says transaction processor LitePay will be released on February 26. The Litecoin Foundation announced LitePay just before Christmas in a plan to allow businesses to accept payment in Litecoin from anywhere on earth. The transaction processor allow UK-based customers to pay for products and services in dollars with a flat transaction charge of one percent. A Litecoin wallet will also be available for all major mobile and desktop browsers and instant withdrawals from VISA compatible ATMs and spend with any VISA merchant will be possible.

Cryptocurrency price: A year in charts Mon, March 12, 2018 Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year Play slideshow coindesk.com 1 of 10 LiteCoin is going down with the market dip

The Litepay website describes the new payment method, it said: “Use LitePay’s retail, e-commerce, billing, and donation tools to accept payments from customers anywhere on earth. Receive settlement from Litecoin payments directly to your bank account in your own currency, with zero price volatility or risk.” The official LitePal account on Twitter said: “LitePal is a Litecoin-first payment processor. We envision a cryptocurrency world where Litecoin is utilised by merchants from all over the world; one streamlined, simple, less confusing process. Thank you @SatoshiLite for creating the LTC we all love.” Palwasha Saaim, a research analyst at Lombardi Financial, called LitePay a ‘game-changer for Litecoin’. She said: “It would allow businesses to accept Litecoin without worrying about price volatility.