New York-based crypto exchange Gemini has enabled deposits for Litecoin (LTC), with trading and custody services opening on October 16.
Gemini is offering the following trading pairs:
The exchange now has four coins: Bitcoin, Ethereum, Zcash and Litecoin. It was also planning to announce support today for Bitcoin Cash (BCH) but it will postpone its decision. Says Eric Winer, VP of engineering,
“Some of those forks lack the replay protection feature that would be required for Gemini to safely support Bitcoin Cash. Because of this situation, we are delaying our launch of Bitcoin Cash deposits, withdrawals, and trading until late November, after the forks have passed and we can evaluate the health of the Bitcoin Cash ecosystem.”
Gemini has been heavily focused on security and compliance in an effort to build a secure exchange that will attract retail and institutional investors. Founded by the Winklevoss twins, Gemini introduced two Bitcoin ETFs to the U.S. Security and Exchange Commission that were both ultimately rejected this year. The SEC listed concerns about security and fraud, and the need to protect the public among its reasons for rejection.
Gemini has also enlisted the services of Nasdaq, deploying their SMARTS Market Surveillance technology to monitor the exchange for trading irregularities.
According to Winer,
“Gemini is the world’s most regulated cryptocurrency exchange and custodian, held to the highest standards of banking compliance and fiduciary obligations, and overseen by the New York State Department of Financial Services (NYSDFS).
The addition of Litecoin further solidifies Gemini’s standing as the go-to exchange for retail and institutional investors alike. Gemini continues to grow with a “security-first” approach and we have worked closely with the NYSDFS to gain approval for Litecoin trading and custody services.”
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