The renowned New York-based cryptocurrency exchange and trading platform, Gemini is enabling traders and investors to exchange Litecoin on its platform. The announcement came from their official Medium blog post.
Litecoin (LTC) is the fourth popular cryptocurrency to make its debut on the trading platform. The company already has renowned cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and ZCash.
The trading will start from 9:30 AM EDT of October 16, 2018, Tuesday. Furthermore, the company will enable deposition of the cryptocurrency from 9:30 AM EDT of October 13, 2018.
About the Announcement
Eric Weiner, Vice President of the digital asset trading and exchange, Gemini, wrote more about this. He exclaimed that the crypto verse can achieve its full potential by working in an environment dedicated towards both innovation and protection of consumers.
Furthermore, New York State Department of Financial Services (NYDFS) approved the support for Litecoin (LTC) being extended to the platform. NYDFS is also working as the regulator for the exchange.
Gemini also wanted to launch their support for Bitcoin Cash (BCH) simultaneously. The announcement had to be delayed due to a pending update scheduled in mid-November. The Bitcoin Cash Community has been quite vague about the hard-forks that might come in the update.
The company speculated that the update might lack the mandatory security feature to match the security standards of the exchange. The support for the cryptocurrency halted after this.
“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.”
Gemini founded from the Gemini Trust Company is based in New York. The renowned Winklevoss brothers: Tyler and Cameron Winklevoss created the platform. The exchange launched very recently, on September 10, 2018.NYDFS is working as the regulator of the exchange to ensure security stands and compliance with consumer protection laws.