On 12th September, a New York-based cryptocurrency platform, Gemini Exchange commented on a request written by a Twitter user on one of its posts. Here, the user inquired about the listing of Litecoin [LTC] on Gemini. To this, the official Twitter handle of Gemini Support replied, stating that it is soon to bring LTC to its platform. Gemini wrote:
“We hear you! LTC is on it’s way, we’ve already received regulatory approval to list, and we will be sure to let everyone know once it’s available for trading.”
Gemini exchange was founded in 2014 by the Winklevoss brothers, namely, Cameron and Tyler Winklevoss. Recently, the twins launched the native cryptocurrency of the platform called Gemini Dollar [GUSD], which is believed to be the link between the current, fast-paced cryptocurrency ecosystem and the traditional payment system.
Earlier this year, Winklevoss brothers also made efforts to uplift the cryptocurrency markets by drafting a Bitcoin ETF [exchange-traded funds] and appealing to the US Securities and Exchange Commission [SEC] to pass the same. However, this attempt could not succeed as the regulatory body denied the ETF for several reasons related to investor protection and security, among others.
The biggest indication towards a successful adoption for Litecoin is its recent partnership with TokenPay, where it managed to buy a stake in a German bank called WEG Bank AG. This was a deal where Charlie Lee, the creator of Litecoin joined TokenPay’s development team to head the projects.
[ŁTC]Lv28CoinWarrior, the Twitter handle of a cryptocurrency enthusiast commented:
“I enjoy using Gemini for making fiat to BTC and ETH purchases/trades.
Really wish LTC would be enabled, so I can use Gemini for fiat-> LTC.
Demand is there, if everything is in place, rather than gift this biz to other exchanges, Let it happen already!!”
tommix2, another blockchain enthusiast on Reddit also stated:
“PLS dont tell me this is the reason why now LTC skyrockets?!”
With GUSD, the Winklevoss brothers aim to penetrate the idea of the first regulated stable coin in the cryptocurrency market. Furthermore, the intention is also to trigger more adoption as the coin is likely to attract institutional participation.