- Adding Litecoin (LTC) gives crypto investors opportunity to make direct LTC-USD transactions.
- Partnership will give Litecoin more exposure.
The Los Angeles-based cryptocurrency investment company SFOX has today September 27, 2018, announced adding the support for Litecoin (LTC) trading on their platform. This represents a successful achievement of their goal to broaden their platform as part of the firm’s ambitious expansion program.
The addition of Litecoin to SFOX’s list of existing cryptocurrencies including Bitcoin (BTC), Bitcoin (BCH) and Ethereum (ETH) means that customers will now be able to directly conduct Litecoin to USD transactions or Bitcoin to Litecoin transactions for users who want to diversify their cryptocurrency portfolios.
Gateway for Institutional Investors
SFOX Chief Executive Officer Akbar Thobhani expressed satisfaction in their being able to deliver on their promise and providing the options that their customers have been asking for. Stating that the firm mainly caters for customers who are habituated to Wall Street standards, he explained that the company only adds cryptocurrencies they are completely confident in. The creator and managing director of Litecoin foundation stated:
“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.”
SFOX raised about $22.7 million during its successful series A Funding in a round that was headed by leading venture platforms Tribe Capital and Social Capital besides earning that participation of others that included SV Angel, DCG, Y Combinator and Blockchain Capital.
The company specializes in catering for professional cryptocurrency traders, high-net-worth individuals, and institutions. SFOX is a prime leader in the cryptocurrency market meaning that the company offers its clientele access to global sources of liquidity and trading, OTC desks, real-time trading APIs, and U2F hardware private key management. The firm’s transaction value is over $9 billion and its client base has grown over 12 times since this January.
Litecoin on a Roll
Litecoin is similar to Bitcoin in many aspects but there are a few differences including a shorter blocker time which means users can confirm their transactions faster and cheaper.
The digital asset has created its own significant niche in adoption and market capitalization and boasts of its strength as a globally accepted digital coin. Litecoin Foundation is currently running a #PayWithLitecoin campaign to enhance its merchant adoption volumes. SFOX CEO Akbar said last month:
“Traditional institutions, including funds, banks, pensions, and endowments require an infrastructure they’re accustomed to for properly managing operational and monetary risk.”