Litecoin (LTC) Booms Upon PayPal News

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PayPal’s announcement that it would soon launch cryptocurrency trading and custody services has awoken a sleeping giant. Litecoin, the once booming $300 worth coin created by Charlie Lee, had lied dormant for the past three years apparently. Not so since last week. As the Silicon Valley behemoth PayPal said it would list 4 cryptocurrencies from the start, the three that everyone expected were indeed there. These are Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH). The fourth, Litecoin (LTC), was just a bit surprising.

• Also read: PayPal’s crypto entry comes with a nasty secret

The Litecoin price has since been caught in a major upswing, outpacing almost every other coin in CoinMarketCap’s top 10. At the time of writing, it is trading at $57,50, up 22% in the past week.

Cardano cooperation

Furthermore, the Litecoin boom could also mean good news for Charles Hoskinson’s Cardano. He had already mentioned, back in July of this year, his desire for Litecoin and Cardano to cooperate.

The service will be available to PayPal account holders in the U.S. in the coming weeks and initially feature #Bitcoin, #Ethereum, #BitcoinCash and #Litecoin directly within the PayPal digital wallet.

— PayPal (@PayPal) October 21, 2020

At the time, Charles said:

Charlie Lee, it would be great to do something together. I love the idea of testing cross chain communication between Litecoin and Cardano. We got a lot of ideas and I’m sure you guys do too.

Litecoin and Cardano Exploring ‘Velvet Fork’ Partnership – Here’s How the Crypto Collaboration Could Work https://t.co/mYLgRJmA55 pic.twitter.com/AWPnUrKloj

— Gina Go (@gin4go) October 20, 2020

By now, Litecoin’s David Schwartz has confirmed that there were indeed talks between Charlie Lee and Charles Hoskinson to explore this possibility. In a long medium post, David explained:

As many of you may already know, Charles Hoskinson, CEO of IOHK and creator of Cardano (ADA) approached Charlie Lee in early July with the proposal of performing a ‘Velvet Fork’ within the Litecoin code to allow for cross-chain communications, improved scalability and the ability for smart contracts.

Looks like it’s time to keep our eye out for cross-coin communications from these two.