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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