Luno, a South African cryptocurrency exchange has added Litecoin (LTC) on its trading platform following the recent introduction of XRP in a move that will see its customers buy, sell and exchange the coin.
Luno says Litecoin (LTC), often referred to as the silver to Bitcoin’s gold, is a top ten cryptocurrency with a market cap of US$2.7 billion. The cryptocurrency, initially created in 2011, 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.
“The Covid-19 outbreak is creating challenges for individuals, regions and nations around the world,” said Marcus Swanepoel, co-founder and CEO at Luno. “However, unlike previous pandemics and crisis, we’re more technologically connected than ever – working remotely, shopping online, 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.”
Although LTC and Bitcoin (BTC) share some similarities there are key differences between the two: LTC has new blocks four times as often, meaning it has shorter confirmation times (2.5 minutes against 10 in the Bitcoin network). Unlike BTC, which will only ever have up to 21 million coins, Litecoin will ultimately have four times as many coins meaning it is proportionately cheaper than Bitcoin. Finally, LTC’s hashing algorithm is memory-based rather than CPU-based, making it easier for the average person to mine.
“We only list currencies that are safe, secure and have the utility benefits our clients want, that is why we’ve introduced Litecoin. These are uncertain times but LTC’s instant and near-zero cost transactions are certainly 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.” added Swanepoel.
Luno has already handled US$8 billion in transactions, provides investors, traders and businesses the ability to buy, store and learn about digital currencies, in a secure and safe environment. Luno customers can already access Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and XRP (Ripple).