Litecoin has had a hard time over the past year. Its popularity has been on the wane. But fortunes for the 7th largest cryptocurrency could positively change as Gemini Exchange, one of the poster boys of American crypto industry has received approval from the New York State Department of Financial Services to list the coin.
Gemini Backs Litecoin over Bitcoin Cash to list
According to the latest blog post published by Eric Winer, VP of Engineering for Gemini announced that the exchange will provide support for Litecoin trading and custody at Gemini. According to the post Beginning Saturday, October 13th at 9:30 am EDT, the users of Gemini Exchange will be able to deposit Litecoin into their accounts. Trading of Litecoin will begin on Tuesday, October 16th at 9:30 am EDT. Litecoin (LTC) will be the fourth digital asset available on the Gemini platform, joining Bitcoin, Ether, and Zcash. The exchange will be offering LTC pairs with USD, BTC, Ether, and ZCash.
Winer had announced the same while speaking on Day 1 of Litecoin Summit 2018, a Litecoin focused event organized by the Litecoin Foundation in San Francisco. He said
“We are working on adding Litecoin… we are pleased to announce Gemini will be launching Litecoin support starting October 13th, 2018!”
LIVE from the @LTCFoundation Litecoin Summit, “We are pleased to announce Gemini will be launching Litecoin support starting October 13th, 2018!” –@eric_winer #LTCSF18 #tothemoon pic.twitter.com/TqTjJjk7q4
— Gemini (@GeminiTrust) September 14, 2018
The announcement then had surged the bitcoin prices by 8 percent. But today the coin has just had modest gains of around 2%
The listing has been approved by the New York State Department of Financial Services (NYDFS) as Winer in his blog post mentioned that noting that Gemini is “held to the highest standards of banking compliance and fiduciary obligations” under the regulator’s watch. Following this principle, Gemini had taken a “security-first” approach and has been “working closely” with the NYDFS to gain approval for Litecoin trading and custody services.
Separately, Winer said Gemini originally intended to announce support for Bitcoin Cash as well as Litecoin, but said “uncertainty” around one or more hard forks which may occur mid-November meant they had shelved the plan for now.
“Some of those forks lack the replay protection feature that would be required for Gemini to safely support bitcoin cash,” he explained, adding:
“Because of this situation, we are delaying our launch of bitcoin cash deposits, withdrawals, and trading until late November, after the forks have passed and we can evaluate the health of the bitcoin cash ecosystem.”
The Gemini Litecoin listing will provide a much-needed boost for the LTC community and may turn fortunes for the coin as it has remained low key since the start of the year. Being listed on Gemini will surely add credibility to the project and we soon see the price of LTC rising.
Will Gemini listing help Litecoin cross the USD 60 mark in the coming week? Do let us know your view on the same.