Gemini Exchange To Offer Litecoin Based Trading Pairs
The Gemini Exchange in New York declared Friday that it will include Litecoin (LTC) pairs to its famous crypto trading platform from next month onwards. The platform currently supports US dollar pairs for Bitcoin (BTC), Ethereum (ETH) and Zcash (ZEC).
Litecoin Trading Facility in Gemini Exchange
The statement was released by Gemini ’s Vice President of engineering, Eric Winer, at the Litecoin foundation ’s first yearly Litecoin meeting, which was held on September 14 and 15 in San francisco, california. Winer stated that Litecoin will be offered for trading on the exchange beginning October 13 –which, interestingly, is also Litecoin ’s birthday.
There was wild assumption among the crypto community that Gemini would eventually add Litecoin support after a tweet from twiterati @ Cryptoismoney2 evoked a reply from the exchange, resulting in a cheer among Litecoin fans throughout the globe:
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 (@GeminiDotCom) September 14, 2018
We hear you! LTC is on it’s way, we’ve already received regulatory approval to list, and we will be sure to let everyone know once it’s available for trading.
— Gemini Support (@GeminiSupport) September 12, 2018
The Litecoin Price Rally
The reports comes a few days after the Winklevoss-led exchange revealed the introduction of “the world’s first regulated stablecoin”, the Gemini dollar (GUSD), an ERC20 coin created on the Ethereum network and pegged 1:1 to the US dollar. It is not surprising that the announcement of the introduction of Litecoin trading pairs was received with tremendous optimism by the Litecoin community.
As news spread that Gemini had obtained regulatory consent to list Litecoin, prices bounced from $51.51 to a high of $55.42 in less than 24hrs, representing an appreciation of more than 7.5%. After a brief descend to $53 levels, prices bounced to $58.20 in the wake of Winer’s revelation. However, the original enthusiasm seems to have cooled to some degree as prices fell slightly to USD 56.73 at the time of writing this article.
Litecoin, which is currently ranked #7 on CoinMarketCap, has a market cap of $3.31 billion and a 24-hour trade volume of over $491 million.