Digital asset exchange Gemini has confirmed that it will make trading and custody in Litecoin available on its platform this month.
The exchange, launched in 2014 by brothers Cameron and Tyler Winklevoss, said in a statement that clients will be able to deposit Litecoin into accounts from 13 October, with trading due to begin on 16 October.
Litecoin is the fourth digital asset to be made available on the exchange, following Bitcoin, Ether and Zcash. It is a fork of the original Bitcoin network and aims to grow the use of cryptocurrency for daily transactions, similar to payments in traditional banking.
“The addition of Litecoin further solidifies Gemini’s standing as the go-to exchange for retail and institutional investors alike,” said Eric Winer, vice president of engineering at Gemini.
“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. We are excited to provide our customers with a safe, secure, and compliant method to buy, sell, and store these digital assets.”
In August, Gemini teamed up with three other crypto exchange operators – Bitstamp, bitFlyer and Bittrex – to form an industry-sponsored, self-regulatory organisation (SRO) aimed at policing crypto markets.
A blog post from the Winklevoss twins on the creation of the Virtual Commodity Association (VCA) said that the SRO approach has historically been successful in protecting and policing various markets.
“The promise of virtual commodities and their impact on the future will be profound - but individuals and institutions need to feel safe and secure when transacting on marketplaces,” they said. “A thoughtful SRO framework that provides a virtual commodity regulatory program for the virtual commodity industry is the next logical step in the maturation of this market.”