The Amex supported digital wallet app, Abra decides to use Litecoin smart contracts feature to empower the product line. This gives a much needed boost to Litecoin, after getting hit by the closure of LitePay.
Litecoin received a 20 percent boost reaching a high of 136 USD on 3rd April in the cryptocurrency trading platforms. The reason behind this was the powering up wallet and exchange through smart contracts in Abra using Litecoin. Abra has gained a reputation recently after raising over 40 million USD in its last funding round.
Full Potential Plan of Abra
Bill Barhydt, CEO of Abra explained the full potential plan seeing compatibility with Bitcoin as a main factor in picking Litecoin over Ethereum-powered smart contracts;
We went with Litecoin as the second asset class, after bitcoin, for our smart contract investing solution for 3 primary reasons; 1.) commitment to bitcoin compatibility: core roadmap, p2sh support, lightning support, etc.; 2.) slightly better scalability than bitcoin in short term (block size and block times); 3.) mining fees which are primarily a function of #2 although this is more of a short term benefit as mining fees would likely sky rocket if we’re successful anyway!
Additionally, Barhydt mentioned that Abra plans to make Litecoin the “primary asset class” in the coming weeks. This announcement by Abra motivated investors for Litecoin despite the fall of LitePay during last week. The price of Litecoin went down a steep hill after LitePay, the merchant gateway closed its business within a few weeks after its inauguration.
As of 4th April 2018, according to Bitfinex.com, the current value of Litecoin is on the rise at 118 USD. Last week Charlie Lee, creator of Litecoin gave a statement over the closure of merchant gateway LitePay;
Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs.
However, the Amex supported Abra has given enough boost for Litecoin to continue its journey as a digital currency with a decent value in the world of cryptocurrencies.