In today’s digital currency news, Litecoin gets a slight price boost after Gemini’s announcement that customers can now deposit Litecoin into their Gemini accounts. The announcement was made on Friday, October 12.
Gemini’s VP of engineering noted that traders can now make transactions using Litecoin. This was yet again a strategic step for the major exchange in order to make the platform the best trading and exchange platform in the world.
As an original fork of Bitcoin, Litecoin is widely traded and its goal is to proliferate the use of cryptocurrencies in daily transactions. The goal is to make this cryptocurrency similar to traditional banking methods but with one major difference and that is a cheaper transaction.
Being listed on the Gemini marketplace, litecoin will be close to Wall Street giants that will also increase how this coin is interacting with fiat economy. Also, there’s a slight liquidity spike as well.
As for the price, following the listing on Gemini, the coin increased in price by about 2 percent and it’s now trading at $53.53.
This is great news for Litecoin since Gemini’s user base is constantly growing and many institutional investors and retail ones are looking into it. They appreciate this major exchange because it is highly regulated.
Gemini’s VP Eric Winer said:
“Though we have a steady increase into our user base and have plans to take on more cryptocurrenciess, we still continue to grow with a “security-first” approach. We have worked closely with the appropriate regulatory bodies to gain approval for litecoin trading and custody service and we are excited to provide our customers with a safe, secure, and compliant method to buy, sell, and store these digital assets.”
Gemini also plans to offer support for Bitcoin Cash as well in the near future.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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