Blockchain startup allows Telegram to trade using Litecoin

Litecoin exchange can now be implemented via encrypted messenger application Telegram.

The new Litecoin feature Lite.im was developed by blockchain startup the Zulu Republic. The Headquarter of the company is in Zug, Switzerland. The company is headquartered in Zug, Switzerland, developing distributed applications (DApps), "a digital platform ecosystem built on the Ethereum (ETH) blockchain platform."

According to an article from Zulu blog, a new function of Litecoin will allow users to use the Litecoin service for text queries through the Zulu backend LTC API system. Zulu emphasize that personal key data is not managed by the company, instead is protected by RSA crypto and the personal password of users.

In the statement, Zulu had said that im will be released on Telegram messenger and Telegram is ‘the world’s safest messenger’.

In the future, the company plans to introduce LTC transactions via SMS, enabling customers with poor Internet connectivity to operate on the Litecoin blockchain. The startup company declared that among 64% of the world's mobile phone population, only 33% have smartphones that can access the Internet.

Zulu emphasized that the dispersibility of the coming soon function. According to him, this feature is aimed at countries that lack Internet connectivity, the network is subject to censorship by authoritarian regimes, and that most of the population is marginalized by traditional financial systems.

Litecoin is an open source project that was released in 2017. The basic idea of digital currency is to offer transactions that are faster and cheaper than the main cryptocurrency bitcoin. According to Citicoins, Litecoin price was about $57.96 at the time of writing, hitting an all-time high of $351 in December 2017.