After months of development, the Winklevoss Twins-owned Gemini exchange has finally introduced support for Litecoin (LTC), one of the oldest projects and tokens in the entire crypto industry.
Gemini Launches LTC Support On The Litecoin Project’s Seventh Birthday
During the annual Litecoin Summit on September 14th, Eric Winer, Gemini’s vice president of engineering, revealed that Gemini had plans to introduce LTC trading support on October 13th, 2018.
Interestingly enough, as pointed out by many investors, October 13th, 2018, is Litecoin’s seventh birthday, leading some to believe that the date was chosen deliberately.
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
While the New York-based startup went quiet on the matter for a multitude of weeks, staying true to its earlier promise, on Friday, LTC support finally arrived on the crypto platform. At the time of press, Gemini, which is owned by the Bitcoin-loving Winklevoss Twins, saw $24 million in volume over the past 24 hours.
According to a press release pertaining to the matter, LTC is the fourth digital asset available on the Gemini exchange. Litecoin, which was forked off the Bitcoin chain by Charlie Lee in 2011, now joins Bitcoin, Ether, and ZCash on Gemini.
Starting at 9:30 am EDT on October 13th, users of the platform will be able to trade LTC against the three aforementioned crypto assets, along with the U.S. Dollar. The four trading pairs will be available through the exchange’s retail-focused “continuous trading” function or Gemini’s “block trading” service, which is aimed at institutional investors with deeper pockets.
Due to the fact that Gemini has become near-notorious for its affiliation with regulators, Winer, who authored the press release, extensively explained how this new offering has been green-lighted by regulators. The innovator wrote:
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.
Litecoin has seemingly benefited from this addition, as the crypto asset is up 2.05% in the past 24 hours, while Bitcoin has posted a slight loss of 0.28%.
Gemini Hesitant To Introduce Bitcoin Cash (BCH)
In May, as reported by Forbes, the New York Department of Financial Services (NYDFS) gave Gemini an opportunity to list ZCash, Litecoin, and Bitcoin Cash. Since the official regulatory go-ahead, it was widely rumored that Bitcoin Cash’s introduction on the platform would coincide with the introduction of LTC.
Per the aforementioned press release, these rumors were apparently true. However, as explained by the VP of engineering, due to the uncertainty around the security and stability of the Bitcoin Cash chain. More specifically, a series of hard forks are slated to occur in mid-November, which reportedly don’t support “the replay protection feature that would be required for Gemini to safely support Bitcoin Cash.”
As such, the popular platform will be delaying its Bitcoin Cash listing until late-November, in a bid to ensure that the safety of clients remains the primary focus.