Litecoin foundation makes headlines after striking a major partnership with Metalpha Technology Holding Ltd.
The partnership will help Litecoin reduce its carbon emissions and decrease the environmental impact of its mining activities, amongst other things.
Litecoin is making headlines for a recent partnership poised to set it off for a bullish run in the new year. According to a recent report made on Friday, Litecoin has struck a major partnership with a leading tech firm.
On Friday, Metalpha Technology Holding Ltd made a key discolore on the partnership. The firm revealed that it will be collaborating with the Litecoin Foundation. The collaboration will be centered around creating a sustainable mining solution for the Litecoin network.
Metalpha Technology Holding Ltd (NASDAQ: MATH) is a tech firm that operates as a holding company. The company is a prominent global digital assets wealth management firm, with its headquarters located in Hong Kong.
The announcement has since birthed a bullish outcome for the firm. According to reports from seekingalpha, Metalpha’s stocks have reacted positively to the news. There has been a 13% pre-market pump in stocks.
The partnership will help the Litecoin network as well as Litecoin miners
The partnership is going to help both parties target some key issues and potentially solve some of the most pressing limitations on the Litecoin network.
The announcement disclosed that research will be carried out in certain areas. The development of dedicated products will be one of the areas of research. The partnership also seeks to further the use of renewable energy, and raise the energy efficiency of the network.
As carbon emissions have become a key topic of conversation in the market, Litecoin is using the partnership as an opportunity to significantly reduce the carbon emissions from mining carried out on the Litecoin network.
It is also worth noting that Litecoin is one of the few blockchains with one of the highest carbon emissions. In a previous report, Litecoin was the 4th blockchain, behind Bitcoin, Polygon, and Bitcoin cash, with the most CO2 emissions per transaction in 2022.
For Litecoin, the energy used per transaction (kWh) was 18.52, while CO2 per transaction on tons was 0.01389. If the partnership hits the expected milestones, Litecoin’s carbon emission levels are bound to decrease by a significant margin in the coming months and years ahead.
Additionally, Metalpha is also going to take on the role of creating financial derivatives products for LTC tokens. Cryptocurrency miners will also benefit from the partnership, as it intends to aid Litecoin miners with hedging products. This is particularly essential for miners, as the hedging products will be utilized by crypto miners to combat market risks.
The Litecoin foundation and Metalpha will also collaborate with universities and research institutions to develop blockchain innovations that are sustainable in the long term.
