New York-based Gemini is the latest exchange to offer trading of litecoin, the alternative protocol asset (altcoin) that many consider to be bitcoin’s little brother.
This development could provide tailwinds for the price of litecoin, which has benefited in the past from being listed on major exchanges like Coinbase.
The digital currency previously climbed 10% in a day following rumors that Coinbase would add the altcoin to its GDAX exchange, according to CoinDesk.
[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
While the exchange had already revealed during the Litecoin Summit that it planned to support litecoin starting Saturday, Oct. 13, it clarified this morning that this date is when investors will be able to deposit the digital currency into their accounts.
Actual trading of litecoin, however, will not start until 9:30am EDT on Oct. 16.
The exchange, which is run by Cameron and Tyler Winklevoss of Facebook fame, revealed that it will start offering the following currency pairs:
Eric Winer, Gemini’s vice president of engineering, wrote in the blog post that the exchange had collaborated with the New York State Department of Financial Services (NYSDFS) to obtain approval so that Gemini could offer both custody and trading of litecoin.
Gemini’s decision to list litecoin is the latest sign of adoption for the digital currency, which is available for trade on several exchanges, including Bitfinex and Binance.
Disclosure: I own some bitcoin, bitcoin cash and ether.