With approval by by the New York State Department of Financial Services (NYDFS), the Gemini cryptocurrency exchange has enabled deposits for and will soon commence trading of litecoin (LTC).
On its website, Gemini highlights its role as a custodian and fiduciary that enables investors to "buy, sell, and store digital assets in a regulated, secure, and compliant manner." Safety, stability, and government oversight may give mainstream investors more peace of mind to enter the infamously wild and unregulated cryptocurrency market, and Gemini positions itself as a bridge for individuals and institutions to navigate from "old money" to these newer financial waters.
Litecoin becomes just the fourth cryptocurrency listed on the exchange. Gemini currently offers the ability to buy or sell bitcoin/USD, ether/USD, ether/bitcoin, Zcash/USD, Zcash/bitcoin, and Zcash/ether. It also offers services to deposit or withdraw USD, bitcoin, ether, Zcash, and its native Gemini dollar (GUSD).
Litecoin deposits went into effect today, October 13, and full trading will be offered on Tuesday, October 16 in pairs with USD, bitcoin, ether, and Zcash.
At the time of this writing, Litecoin/USD is down 1.07% over the last 24 hour period and is at $53.34.
The Gemini exchange launched in October 2015. It was founded by Winklevoss twins Tyler and Cameron, inventors of Facebook predecessor ConnectU, rowers for the 2008 US Olympic team, and successful venture capitalists.
Read the announcement from Eric Winer, VP of Engineering at Gemini here.
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