On Friday, October 12, 2018, Gemini introduced the addition of Litecoin (LTC) to its trading catalog. Litecoin turns into the fourth cryptocurrency added to the Winklevoss-owned platform.
NYSDFS Approval for Litecoin Trading on Gemini
Eric Winer, the platform’s VP of Engineering introduced the information through a put up on the corporate’s Medium account. According to the announcement, clients will be capable of deposit LTC into their trading accounts from Saturday, October 13th, 2018, whereas trading commences the next Monday, October 16, from 9:30 am EDT.
We are happy to announce that @litecoin (LTC) is now obtainable on Gemini! Starting tomorrow, we’ll start accepting Litecoin deposits, and trading will open throughout all foreign money pairs on Tuesday. For extra info, please go to our weblog on @Medium https://t.co/it5xuF9Hr5
— Gemini (@GeminiBelief) October 12, 2018
With the addition of Litecoin, Gemini now boasts 4 cryptocurrencies on its trading catalog. LTC can even be obtainable for trading with the opposite three digital currencies — Bitcoin (BTC) 00, Ether, and Zcash, in addition to an LTC/USD trading pair.
While saying the information, Winer additionally famous the platform’s dedication to complying with the requirements set by the New York State Department of Financial Services (NYSDFS), saying:
Gemini continues to develop with a “security-first” method, and we’ve labored intently with the NYSDFS to realize approval for Litecoin trading and custody providers. We are excited to supply our clients with a secure, safe, and compliant methodology to purchase, promote, and retailer these digital property.
Bitcoin Cash Support Postponed
The weblog put up additional revealed that Gemini deliberate to announce Bitcoin Cash help along with the addition of LTC trading pairs. However, the Winklevoss-owned platform says it would postpone such plans given the confusion over a probable BCH laborious fork coming in November.
At the time of writing this text, the announcement was just a few hours outdated — however there was already a slight enhance in LTC worth following the announcement. Litecoin is down greater than 83 % because the begin of the yr and is at present ranked seventh based mostly on market capitalization.
For Litecoin, the addition by Gemini follows an identical itemizing by cryptocurrency prime supplier SFOX in September. In a latest interview with the platform, LTC creator, Charlie Lee opined that the cryptocurrency’s relevance because the “silver to Bitcoin’s gold” continues to be as related at this time because it was when he envisioned Litecoin.
Lee additionally described the rising cryptocurrency motion as laying the groundwork for what he referred to as “sound money” — immutable, censorship-resistant, and free from inflation. Lee, nevertheless, admitted that presently solely Bitcoin and maybe Litecoin and Monero intently embodied the ideas of sound cash.
Will Litecoin worth expertise a resurgence on the again of Gemini’s itemizing? Let us know your ideas within the remark part beneath.
Images courtesy of CoinMarketCap, Gemini, Shutterstock, Twitter (@GeminiBelief).
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