Luno has introduced Litecoin (LTC) to its trading platform to create wealth for investors. This was disclosed in a statement issued by Luno and seen by Nairametrics.
The innovation would be available to buy, sell and exchange on May 11, 2020, by millions of customers across the globe.
Often referred to as the silver to Bitcoin’s gold, LTC is a top ten Cryptocurrency with a market capitalisation of $2.7 billion. Created in 2011, Cryptocurrency was developed to provide a faster and cheaper alternative to Bitcoin, with the aim of offering a better option for day-to-day digital currency commerce.
Co-founder and Chief Executive Officer, Luno, Marcus Swanepoel, explained that the coronavirus pandemic is creating challenges for individuals, regions and nations around the world.
He said, “Unlike previous pandemics and crisis, we are more technologically connected than ever, working remotely, shopping online, and attending virtual doctor appointments, which is also changing the way people perceive cryptocurrencies.
“From large investment companies through to individuals, everyone is reassessing how and where they work. They are also looking at how and what they invest in, what they use to make purchases or exchange value, and want to have access to coins like Litecoins.”
According to him, while there are some similarities between LTC and Bitcoin (BTC), the former has shorter confirmation times (2.5 minutes against 10 in the Bitcoin network).
He added that unlike BTC, which will only ever have up to 21 million coins, Litecoin will ultimately have four times as many coins and that means it is proportionately cheaper than Bitcoin.
“We only list currencies that are safe, secure and have the utility benefits our clients’ want, which is why we introduced Litecoin. These are uncertain times but LTC’s instant and near-zero cost transactions are certain characteristics which have contributed to the increase in interest for this coin.
“The turmoil caused by the pandemic has instigated a surge in the usage of digital money (as we’re encouraged to avoid the handling of physical cash) and fintech apps. Times have changed, more and more people are turning to cryptocurrencies, and as soon as they do they understand the benefits they offer,” he added.