US customers holding Litecoin Visa cards will face discontinuation of services from May 1, 2023. The move comes as WaveCrest, a major issuer of cryptocurrency debit cards, is winding down its partnership with Visa. This will affect all Visa cards accepting Litecoin in the United States. Users will have to spend their existing balances or request for refunds before the deadline to avoid any inconvenience. The announcement has sparked concern among cryptocurrency investors who rely on such cards for ease of transaction.
US Litecoin Visa Cards to Stop Services in May 2023
The Litecoin Foundation has recently announced that it will no longer issue Litecoin Visa cards in the US. In an official tweet, the network informed users about the restrictions. Unbanked HQ, which is associated with issuing the card, is trying to find a new banking partner as the Metropolitan Commercial Bank (MCB) has restricted its support for businesses dealing with digital currencies.
The BlockCard Visa Prepaid Card, associated with Unbanked, will stop working from May 1, 2023. MCB has already exited its crypto and digital currency-related services. Users should cancel their recurring payments and/or deposits, and the BlockCard Visa will be active until May 1st, 2023, 11:59 PM PST. Users can withdraw the remaining funds in the card balance through standard functions.
PAL Card Minnesota or Unbanked have not yet made a decision about the same. The discontinuation is only related to the business decision taken by MCB. The bank had already made its intentions public on January 9, 2023.
Despite the adverse announcement, Litecoin has not dipped much in market value. LTC is currently trading at 101.53 dollars, with its lowest 24-hour price being 100.47 dollars.
The network stated that they are looking for new banking partners to offer the same benefits to their users. As of now, the discontinuation date for the BlockCard Visa Prepaid Card is set on May 1, 2023. Unbanked is already in talks with other banks to offer the same benefits, and users will be notified after more news is available regarding the same.
In conclusion, the discontinuation of Litecoin Visa cards in the US is only temporary, and Unbanked HQ is looking for alternatives to offer their customers the same benefits. Users should clear their remaining balances before May 1st, 2023, and the services like checking accounts will remain functional. Litecoin is expected to recover its value soon, with new and improved services expected in the coming months.
Title 1: US Litecoin Visa Cards to Discontinue Services from May 1, 2023
Title 2: Unbanked HQ in Search of New Banking Partners Following MCB Restrictions