In a series of high-profile listings, bonus digital asset exchange Gemini will add support for Litecoin (LTC). The listing will likely help improve LTC's image and make it more accessible to a wider range of investors.
October 13 is considered the birthday of Litecoin, but it was not possible to celebrate with a new listing. A blog post published on Friday stated that users will be able to send Litecoin to their exchange accounts as of 09:30 EST on Saturday, October 13 morning.
However, the full trading potential will only open on Saturday. Yesterday you could deposit Litecoin into your Gemini account and trading will begin on Tuesday, October 16th at 9:30 am ET. Announced just weeks earlier, it will be the fourth cryptocurrency to be listed within the exchange's three years of operation. LTC will have trading pairs with three other assets - Bitcoin (BTC), Ethereum (ETH), Zcash (ZEC) - traded on the platform.
Gemini planned to add Bitcoin Cash (BCH) to their servers at the same time. However, the listing was delayed following rumors of a potentially hard fork planned for mid-November. It has been argued that after the hard fork there will not be the same level of security features that are needed for a crypto exchange to list BCH.
Listing on Gemini Litecoin will likely increase the price of LTC. The last year has been difficult for Litecoin, its popularity has been declining. The number of daily LTC transactions has dropped from 200,000 transactions in early January to approximately 23,000 this week. Since the beginning of April, the network has rarely seen more than 30,000 transactions. All coins had a tough year in 2018, but some coins were hit harder than others, with Litecoin losing approximately 82% of its value.
The listing of Gemini Litecoin will provide a much-needed boost to the LTC community. The exchange introduced digital asset insurance backed by the Federal Deposit Insurance Corporation (FDIC) in early October. More importantly, it may be one of the few cryptocurrency companies to receive SEC approval.
Working with a regulated exchange will provide the Litecoin project with user trust and confidence in the coin. As more investors, especially in the institutional arena, focus on the legality of investing in crypto assets.. By being listed on Gemini, investors will now have another option to trade LTC without fear of regulatory backlash.
The more investors can get access to Litecoin, the higher the likelihood that the asset will grow.
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