GEMINI ADDS LITECOIN TRADING WITH NEW YORK WATCHDOG APPROVAL

Speculators will before long be able to exchange Litecoin on the Winklevoss Brothers-founded digital tokens exchange Gemini.

The exchange declared on Friday that it would before long start deposits and trading for Litecoin (LTC), including the early Bitcoin spin-off to its current offerings of Bitcoin, Ethereum and Zcash.

VP of engineering in the company, Eric Winer, wrote in a blog entry that the move comes as a component of the exchange’s plan to help “the future of money” by giving “a safe and regulated environment for both innovation and consumer protection.”

The listing has been affirmed by the New York State Department of Financial Services (NYDFS), Winer said, taking note of the fact that Gemini is “held to the highest standards of banking compliance and fiduciary obligations” under the regulator’s watch.

Gemini takes a “security-first” perspective and has been “working closely” with the NYDFS to pick up acceptance for trading of Litecoin and custody services, he told.

The exchange’s customers can start their deposits of Litecoin into their accounts from Saturday, Oct. 13 at 13:30 UTC (09:30 EST). Full-fledged trading will start three days after Saturday, in the meantime on Tuesday, Oct. 16, as per the post.

Litecoin will be traded in sets against USD, Bitcoin, Ether and Zcash.

Individually, Winer said Gemini initially planned to encourage trading of Bitcoin along with Litecoin, yet said “uncertainty” around at least one hard forks which may happen mid-November implied they had to suspend the idea for the time being.

“Some of those forks lack the replay protection feature that would be required for Gemini to safely support Bitcoin cash,” he clarified,

“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.”

Clients may in any case observe “coming soon” designs on Bitcoin related pages on the Gemini platform thus.

 



Add a Comment