SFOX, a cryptocurrency prime seller that caters to institutional buyers and high-volume skilled merchants, has made litecoin the fourth cryptocurrency listed on its platform.
The Palo Alto-based firm, which was based in 2014, made the announcement on Thursday, stating that it selected so as to add assist for litecoin buying and selling in response to demand from its institutional shopper base.
“Because we cater to investors who are accustomed to Wall Street standards, we only add cryptocurrencies we are completely confident in,” mentioned Akbar Thobhani, CEO of SFOX. “Litecoin has utility and liquidity, and is supported by a great team at the Litecoin Foundation. We are happy to deliver on our promises and provide our customers with an option that they’ve been asking for.”
Per the announcement, shoppers will now have the ability to commerce litecoin in opposition to each USD and bitcoin, and LTC creator Charlie Lee commented that the transfer would assist improve litecoin’s liquidity and make the coin extra accessible to institutional consumers.
“This partnership provides increased liquidity and institutional exposure for Litecoin,” mentioned Lee. “SFOX is backed by several well known investors, which speaks to the company’s business model and team. We look forward to providing support through the Litecoin Foundation to help make this partnership a success.”
Indeed, although not well-known amongst retail cryptocurrency buyers, SFOX has backing from names which are way more acquainted. Last month, CCN reported that SFOX had closed a $22.7 million Series A funding spherical led by Tribe Capital. It additionally attracted investments from different notable corporations and personalities, together with Y Combinator, Khosla Ventures, Blockchain Capital, and Airbnb co-founder Nathan Blecharczyk.
SFOX mentioned that has processed over $9 billion in transaction quantity since its launch in 2014 and has seen its shopper base develop 12-fold in 2018, even because the cryptocurrency market has taken a steep dive from its all-time excessive.
Analysts stay divided on whether or not litecoin stays a high-growth funding product. Mati Greenspan, senior market analyst at eToro, printed an August report speculating that litecoin is “massively discounted” relative to its basic worth. However, cryptocurrency hedge fund Multicoin Capital just lately disclosed that it’s quick LTC, arguing in a report that the coin faces quite a few “negative catalysts” that may seemingly stop it from taking part within the subsequent sustained market rally.
Featured Image from Shutterstock. Charts from TradingView.
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