Since the new addition is basically a fork of Bitcoin, it should not be difficult for SFOX, from a technical standpoint, to integrate Litecoin to the platform. The startup will offer the new coin both as a direct USD-to-Litecoin pairing, as well as a Bitcoin-to-Litecoin instrument for those interested in fiat-to-crypto or crypto-to-crypto trading.
The development is also important for Litecoin bulls, as the coin has been in a bear trend since the beginning of the year. However, Litecoin gained almost 20% in the last two weeks amid a border bull rally in the crypto market.
At the time of writing, Litecoin (LTC), which ranks at the 7th spot on the global coin ranking list, is changing hands at $61 after a decrease of about 1 percent over the past twenty-four hours. The digital currency currently boasts of a market cap of $3.6 billion and its trading volume over the past 24 hours is $490 million.
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SFOX joins US cryptocurrency exchanges that already supports Litecoin (LTC) including Coinbase and Robinhood, while Winklevoss brothers’ Gemini Exchange is expected to follow suite shortly.
SFOX has been making headlines in the past few months. Most recently, in August, it raised $23 million in new investment, led by venture firms Tribe Capital and Social Capital.
The startup operates as a single point of access for institutional investors, like crypto hedge funds and family offices, to cryptoasset venues by routing their orders to multiple places, enabling faster execution and better prices. Its platform uses a smart router to plug and scan the different exchanges and OTC desks to get the lowest price for buyers and the highest price for sellers.
Commenting on the news, Charlie Lee, creator of Litecoin and managing director of the Litecoin Foundation: “This partnership provides increased liquidity and institutional exposure for Litecoin. 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.”