SFOX, one of the premier cryptocurrency dealers for institutional investors and professional traders, has added Litecoin to its trading platform listings.
The company, located in Palo Alto, was founded in 2014. On Wednesday, its representatives made a statement that, based on studying the demand of institutional investors, they decided to add support for the Litecoin cryptocurrency.
SFOX CEO Akbar Tobhani noted the following:
Because we serve clients who are accustomed to Wall Street standards, we only add cryptocurrencies in which we have complete confidence. Litecoin has both application options and liquidity, and it is backed by a great team at the Litecoin Foundation. We are excited to deliver on our promise by providing our users with the currency they have been asking for.
According to the announcement, customers will be able to trade Litecoin paired with USD and Bitcoin. Charlie Lee, the creator of LTC, said that this move will help increase the liquidity of the altcoin, as well as making it more accessible to institutional investors.
This partnership will increase liquidity and institutional demand for Litecoin. SFOX is backed by many well-known investors, so members of the Litecoin Foundation are very excited about the possibility of such cooperation.
According to CNN, SFOX closed its first round of funding last month, receiving $22.7 million from Tribe Capital. The company's investor list also includes Y Combinator, Khosla Ventures, Blockchain Capital, and Airbnb co-founder Nathan Blecharczyk.
According to SFOX, the platform has already processed $9 billion in transactions since its launch in 2014, and its customer base grew twelvefold in 2018, even despite the downturn in the cryptocurrency market.
Analysts are still arguing. on whether Litecoin is a worthwhile long-term investment. For example, cryptocurrency hedge fund Multicoin Capital recently announced that it is selling LTC based on several “negative catalysts” that will likely prevent the altcoin from sustaining price growth.
According to ccn.com
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