New York bitcoin and crypto exchange Gemini today confirmed support for Litecoin (LTC) trading and custody. Beginning Saturday, October 13th at 9:30 am EDT users will be able to deposit Litecoin into their Gemini account. Trading will begin on Tuesday, October 16th at 9:30 am EDT. Litecoin (LTC) is the 4th digital asset available on Gemini, joining Bitcoin, Ether, and Zcash.
As a result, the company will be offering the following new trading pairs and services:
|Continuous Trading||Block Trading||Daily Auction (4 pm)|
Litecoin is a fork of the original Bitcoin network and aims to grow the use of cryptocurrency for daily transactions, similar to the payment methods of the traditional banking system (e.g., cash, debit, and credit cards). Litecoin uses a different mining algorithm than Bitcoin in an effort to further decentralize participation, and continues to be on the leading edge of efforts to increase adoption of cryptocurrency for payments.
[perfectpullquote align=”full” bordertop=”false” cite=”Eric Winer, Gemini VP of Engineering” link=”” color=”” class=”” size=””]”The addition of Litecoin further solidifies Gemini’s standing as the go-to exchange for retail and institutional investors alike. Gemini continues to grow with a “security-first” approach and we have worked closely with the NYSDFS to gain approval for Litecoin trading and custody services. We are excited to provide our customers with a safe, secure, and compliant method to buy, sell, and store these digital assets.”[/perfectpullquote]
Bitcoin Cash Support Coming
Gemini said they also had planned to announce support for Bitcoin Cash (BCH) today. However, due to recent uncertainty within the Bitcoin Cash community about one or more possible hard forks arriving in mid-November, they will be delaying the launch of Bitcoin Cash deposits, withdrawals, and trading until late November. Gemini cited that some of the Bitcoin Cash forks lack the replay protection feature that would be required for Gemini to safely support BCH. Due to this situation, once the forks passed, the company will then evaluate the health of the Bitcoin Cash ecosystem.
Gemini is a regulated cryptocurrency exchange and custodian, held to banking compliance standards and fiduciary obligations, and overseen by the New York State Department of Financial Services (NYSDFS).