Most of the cryptocurrency startups are facing a huge crisis nowadays because of the bloodbath in the crypto space. All the market has plunged drastically and the investors have started moving away to other opportunities. With the ICO model also fading, the crisis situation for the new startups is increasing. Franklyn Richards, the director of the esteemed cryptocurrency network Litecoin is of the view that the situation would become better once the bear market comes to an end. The only winners would be those who would be able to survive the bear market without crashing. Talking to BlockPublisher he said,
Just survive the bear market, its always more painful that you can imagine be prepared for it to last twice as long. Once you come out on the other end and interest picks up you’ll be rewarded
For startups to flourish, it is of utmost necessity that they should be able to bring the things of everyday use, which require a decentralized solution, to blockchain. Importantly, these solutions should be ones which can hit everyone on a general level. For mass adoption in the future, according to Franklyn, it is necessary that there should be a general approach that covers what everyone wants. A defined vision with grassroots ambition or topdown partnerships play a vital role. Further explaining this point, Franklyn said,
Grassroots ambition or top down partnerships. I favour topdown as its more effective and canhelp implement this technology in a more meaningful way that effects everybody even if they dont realise it.
Litecoin’s partnership with UFC
Setting examples for other startups, Litecoin itself has contributed to mass adoption of crypto by their projects, the most recent one of which was the partnership with UFC. After crypto hitting football, Litecoin moved toward this area of sports which is also known to be a sport with one of the highest audiences. Team Litecoin believes that their advertisement on this level would naturally trigger wide acceptance and give crypto a reputation. Franklyn stated,
The UFC partenership opens up a few more avenues of interest and lends a certain type of legitimacy to the project as only many companies with a reputation wont touch something they believe will be harmful to their audience.
As they say, this is just the beginning of mass adoption of crypto and blockchain, Litecoin has eyes on more big partnerships and events where Litecoins would be accepted as modes of payments. Partnerships like these play an essential role in getting the public eye and getting worldwide acceptance and adoption. Explaining the future goals of LTC and the ongoing projects, Franklyn told BlockPublisher,
We are already in talks with others and would hope to build a mutually beneficial relationship with them where they accept litecoin payments for events and shows thus opening up exposing further to the public.