Home CryptoCurrency News Litecoin Gemini adds Litecoin to its portfolio

Litecoin [LTC] Gemini adds Litecoin to its portfolio

Gemini, the crypto exchange founded in 2014 by the Winklevoss twins, announced last Friday that it would enable transactions with Litecoin (LTC), after obtaining the regulatory approval for it.

According to the information provided by Eric Winer, vice president of engineering at the aforementioned crypto trading platform, users will be able to deposit Litecoin in their accounts starting Saturday, October 13th, but trading with the altcoin will begin next Tuesday, October 16th.

Litecoin will become the fourth digital asset to be traded with on Gemini – an exchange ranked 38 among the largest in the world – along with Bitcoin (BTC), Ethereum (ETH) and Zcash (ZEC), and will be paired against USD, and the aforementioned crypto assets

Winer emphasized that the move was approved by the New York State Department of Financial Services (NYDFS), a regulatory body that supervises through chartering, licensing, registering, and examining safety, among other actions, banking and other financial institutions in the United States.

He asserted that Gemini is subject to the highest standards of banking compliance and fiduciary obligations, imposed by the regulator, at the same time it ensures that the approval was due to the cooperation of the exchange with the NYDFS.

“Gemini continues to expand with a “security-first” approach”, he said.

New York State Department of Financial Services

Bitcoin Cash to be added later

Winer also mentioned the status of the Bitcoin Cash and its future support by Gemini.

He explained that it was also scheduled to happen the same day, but because of the uncertainty in the Bitcoin Cash community, in regards to “one or more possible hard forks” that it could undergo during next November, the decision to postpone its implementation on the platform was made.

“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,” he explained.

The goal of Litecoin [LTC]

Last July, founder of Litecoin, Charlie Lee announced to the crypto community his intentions to make Litecoin big again and raise its price to a minimum of $ 400 per unit, stating he was working hard on it.

Since then, Litecoin has undergone important changes. One of them was the inclusion of this digital asset in major exchanges such as Coinbase – a situation that managed to increase its value by 10% (at the moment).

Now, with its recent Gemini addition, the 7th largest cryptocurrency by market capitalization has a good chance to continue growing up.

Carlos Teodoro
Cryptocurrency enthusiast and everything they represent, Carlos is responsible for writing articles, creating images and belongs to the Crypto Economy team since 2017. He is also in charge of the commercial department, social networks and the revision of translations. Carlos continues to train every day to become an expert in the blockchain.
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