U.S.-based cryptocurrency exchange Gemini, owned by the Winklevoss twins, has received regulatory approval to add Litecoin (LTC) custody and trading. The news comes from an official Medium blog post posted on Friday, October 12th.
Eric Winer, Vice President of Engineering at Gemini, informs Gemini traders that they will be able to begin depositing Litecoin into their wallet accounts from 9:30 a.m. EDT on Saturday, October 13th. Litecoin trading will reportedly go live on Tuesday October 16 at 9:30 p.m. SUMMER TIME.
Alongside Bitcoin (BTC), Ethereum (ETH) and Zcash (ZEC), the coin is the fourth crypto supported on the platform. As a result, LTC trading pairs will be available for all three cryptos as well as the US dollar.
Winer’s post underscores Gemini’s thorough “banking compliance and fiduciary obligations,” overseen by the New York State Department of Financial Services (NYDFS). It should be noted that the support for Litecoin trading is the result of working closely with the Watchdog and that the exchange continues to expand with a “security-first” approach.
Finally, the post shows that support for Bitcoin Cash (BCH) was also planned for today. Due to the high level of “uncertainty” within the Bitcoin Cash community about “one or more possible hard forks” slated for mid-November, Gemini has decided to postpone support for the asset:
“Some [the] Forks [currently under discussion] It lacks the repeat protection feature that Gemini needs to securely support Bitcoin Cash. Because of this situation, we are delaying the start of Bitcoin Cash deposits, withdrawals and trades until the end of November after the forks are over and we can assess the health of the Bitcoin Cash ecosystem. “
Earlier this month, Gemini announced that credit services company Aon has secured insurance coverage for digital assets in custody that will complement the Federal Deposit Insurance Corporation (FDIC) insurance coverage for US dollar deposits that is already available.
The Winklevoss twins recently sealed NYDFS approval for the launch of their own U.S. dollar-backed stablecoin, the Gemini dollar, on the same day the U.S. trust company Paxos announced its own NYDFS-approved stablecoin.
Shortly after the news, the brothers reportedly began hiring consultants to oversee Gemini’s potential expansion into the UK market.
At press time, CoinMarketCap’s Gemini is the 38th largest crypto exchange in the world, with a daily trading volume of over $ 34 million.