A cryptocurrency vendor, aiming to present buying and selling providers for high-volume merchants and institutional buyers, has as we speak introduced it’s including help for Litecoin.
Founded in 2014, Silicon Valley-based SFOX has established itself as a crypto vendor for large-scale buyers together with household places of work, funds, and high-net-worth people. It claims to have aided over $9 billion in transaction quantity to date, reporting a 12-fold enhance to its shopper base since the starting of 2018.
The announcement from SFOX comes a month after it raised $22.7 million in Series A funding, which is able to go towards increasing its instituational crypto asset administration platform. It may even assist to advance the safety and danger administration merchandise on provide. However, SFOX are eager to add new crypto funding belongings for its shoppers.
According to its web site, it guarantees greater returns and extra financial savings to its clients. It does this by “using our liquidity sourced from a global set of exchanges, OTC desks, and market makers.”
At current, institutional buyers are restricted to investing in Bitcoin, Ethereum, and Bitcoin Cash. While SFOX already presents these to its shoppers, it additionally needs to current a coin that may assist them diversify as well as to offering utility and liquidity.
With a market cap at the moment value $3.Three billion, and rating seventh in the chief board, Litecoin is the newest to be a part of SFOX. In an announcement, the platform will provide its clients the possibility of investing in Litecoin as a direct USD-to-Litecoin transaction, and as Bitcoin-to-Litecoin for those that need to diversify on their belongings.
Akbar Thobhani, CEO of SFOX, mentioned that they will solely add cryptocurrencies they’re utterly assured in due to the proven fact that they “cater to investors who are accustomed to Wall Street standards.”
“Litecoin has utility and liquidity, and is supported by a great team at the Litecoin Foundation,” Thobhani added. “We are happy to deliver on our promises and provide our customers with an option that they’ve been asking for.”
Even although the altcoin has many similarities to Bitcoin, it additionally has a variety of variations. One, of which, is a shorter block time. Because of this, customers are ready to affirm transactions shortly and cheaply. As a end result, it is usually being added to various services, enabling individuals to pay for providers and items in it.
In gentle of the announcement, Charlie Lee, creator of Litecoin and managing director of the Litecoin Foundation, mentioned: “This partnership provides increased liquidity and institutional exposure for Litecoin.”