On January 25, 2018, Zebpay, one of the largest cryptocurrency exchanges in India, announced the addition of Litecoin to its trading platform. In a blog post on its website, the company stated that the cryptocurrency is one of several tokens that will also be added in the near future.
Litecoin, created in October 2011 by former Google employee Charlie Lee, was presented as one of the lite alternatives to bitcoin. It is one of the older cryptocurrencies currently circulating in the market and has a market capitalization of almost $10 billion. In December 2017, Litecoin reached a record price of around $350.
Litecoin is the second cryptocurrency to be listed on Zebpay in the past few weeks. Previously, in January 2018, the company announced the ability for users to sell Bitcoin Cash (BCH). Zebpay users who owned any amount of bitcoin before the Bitcoin Cash fork on August 1, 2017 were also given an equivalent amount of BCH after the cryptocurrency was added to the platform. Some customers, however, were able to withdraw their Bitcoin Cash balances to external wallets as early as November 2017. On December 14, Zebpay removed the option to transfer forked cryptocurrency to other wallets in favor of crediting the balance to its trading platform upon creation. The company fulfilled its part of its obligations when the sale of Bitcoin Cash became available through its mobile application.
It is important to note, however, that Zebpay does not offer cryptocurrency pairs on its trading platform. Converting different types of cryptocurrency requires the user to first "sell" their holdings for an equivalent amount, making the entire process susceptible to market volatility.
According to Zebpay's November newsletter, it will also add Ripple and Ethereum for exchange. Given the time lag between the addition of Bitcoin Cash and Litecoin, it is possible that in just a couple of months all four digital currencies will be available for trading on the platform.
As of December 2017, Zebpay serves over 2 million users, with more to come in the near future. Additionally, the Zebpay mobile app is enjoying great success in the Android and iOS market, beating other financial apps owned by private sector banks in the country. However, it faces stiff competition from other exchange platforms, including the likes of Koinex and Coinsecure. The first one supports other cryptocurrencies including Golem, IOTA and OmiseGO.
According to https://www.ccn.com
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