The founder of Litecoin just announced that you can now trade Litecoin (LTC) on popular cryptocurrency exchange Gemini. This is part of a larger push to list Litecoin on all leading cryptocurrency exchanges in order to increase liquidity.
Litecoin (LTC) Added to Gemini
Ever since MtGox announced Litecoin support in 2013 and failed to deliver, I've been on a mission to get LTC added to exchanges to help increase liquidity.
With the launch of LTC on Gemini today, every single major Bitcoin exchange supports Litecoin. Mission accomplished! 🚀🌕 pic.twitter.com/6jvSyvsKdm
— Charlie Lee [LTC⚡] (@SatoshiLite) October 16, 2018
According to Charlie Lee, the founder of Litecoin, Litecoin (LTC) is now available to trade on Gemini. Lee tweeted out to his 800,000 followers:
Ever since MtGox announced Litecoin support in 2013 and failed to deliver, I’ve been on a mission to get LTC added to exchanges to help increase liquidity.
Specifically, the Litecoin founder is referencing Mt Gox, the cryptocurrency exchange that once controlled 70% of all Bitcoin (BTC) exchanges. In 2014, 850,000 BTC disappeared. However, Mt Gox never offered Litecoin trading, though the cryptocurrency dates back to 2011.
Since then, Charlie Lee has worked to get Litecoin (LTC), a Bitcoin (BTC) fork designed to be faster, i.e. ‘lighter’ than Bitcoin, on all major exchanges. To date, these include Coinbase, Bitfinex, Kraken, Binance, Poloniex, Changelly and now Gemini.
What Gemini’s Listing Means for Litecoin (LTC)
We're happy to announce that Litecoin (LTC) trading on Gemini begins today at 9:30am EDT! https://t.co/it5xuF9Hr5
— Gemini (@GeminiTrust) October 16, 2018
Starting October 13, 2018, Gemini users could deposit Litecoin into their Gemini wallets. As of 9:30 AM EDT on October 16, you can also trade Litecoin.
Not only is Gemini one of the most popular cryptocurrency exchanges, but it’s also highly regulated. The New York State Department of Financial Services regulates Gemini. Famed cryptocurrency investors the Winklevoss twins founded this exchange in 2014.
As explained by Charlie Lee, this is a big step towards more Litecoin liquidity. Specifically, it’s easier than ever to exchange USD/LTC and LTC/USD. More broadly, the more liquid any currency, cryptocurrency or otherwise, the easier it is to invest your fiat in it, and the more people choose to invest.
To date, Gemini facilitates trading Zcash (ZEC), Ethereum (ETH), Bitcoin (BTC) and Litecoin (LTC). This means that you can trade LTC/ETH, LTC/BTC and LTC/ZEC all within their platform.
This big cryptocurrency announcement follows Fidelity’s statement that they now run a separate company for cryptocurrency investment.