The popular virtual currency Litecoin (LTC) will be available for trading on the Gemini cryptocurrency exchange. The information has been released by Eric Winer, VP of Engineering at Gemini. This is very important for Litecoin and the community as Gemini is one of the most regulated exchanges in the market.
Gemini Supports Litecoin Trading
Some days ago, Gemini informed that it will start supporting Litecoin trading and custody. Those interested users are able to deposit Litecoin into their Gemini account since October 13 at 9:30 am EDT. Trading services will start on Tuesday, October 16 at 9:30 am EDT.
After offering support to Litecoin, the platform will have four digital assets for trading. The others already available are Bitcoin (BTC), Ether (ETH), and Zcash (ZEC). The new trading pairs will be LTC/USD, LTC/BTC, LTC/ETH, and ZEC/LTC.
As per the official release, Gemini is the world’s most regulated crypto exchange and custodian. Additionally, it complies with the current regulatory framework and is overseen by the New York State Department of Financial Services (NYSDFS).
On the matter, the exchange commented:
“Litecoin further solidifies Gemini’s standing as the go-to exchange for retail and institutional investors alike. Gemini continues to grow with a ‘security-first’ approach and we have worked closely with the NYSDFS to gain approval for Litecoin trading and custody services.”
The exchange has also informed that they had planned to announce support for Bitcoin Cash (BCH). However, due to the fact that there has been ‘much uncertainty’ within the community, they have delayed the launch fo BCH services.
In November, the Bitcoin Cash network will experience a hard fork and the community is still debating about it. Moreover, these forks do not have replay protection feature. This would help Gemini to safely support Bitcoin Cash. Until then, some pages will only show the message ‘coming soon’
As mentioned before, the platform closely works with different regulators in the United States.
“We remain certain that for cryptocurrency to realize its tremendous potential it is crucial to provide a safe and regulated environment for both innovation and consumer protection, and we are proud to work closely with both the market and regulators as we move towards the future of money,” the exchange informed.
Litecoin is currently the seventh most valuable virtual currency in the market. It has a market capitalization of $3.14 billion dollars and it can be bought for $53 dollars.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.