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#Binance will open trading for the following additional pairs: DNT / BUSD, DNT / USDT, ADA / EUR and LTC / NGN https://t.co/od9RRNczwr
– Binance Africa (@BinanceAfrica) November 10, 2020
Binance will soon launch a Litecoin – Nigerian Naira trading pair on its platform, according to a recent update from the company.
The new trading pair is likely informed by the surge in demand for LiteCoin in Africa recently reported by LocalCryptos.
LocalCryptos, an unsecured P2P platform, recently reported that LiteCoin has seen a 266% increase in Sub-Saharan Africa since its June 2020 launch on the platform due to its low transaction fee.
SEE ALSO: Litecoin Demand Volume Increases 266% in Sub-Saharan Africa, Says LocalCryptos
According to GrayScale Investments, the world’s largest bitcoin and cryptocurrency asset manager, the recently launched Litecoin Trust is now the company’s sixth largest product in terms of the value of assets managed.
Looking at the company’s Q3, 2020 report, the GrayScale Litecoin Trust recorded inflows of $ 27.2 million, an increase of more than 1,800% from Q2, 2020, the highest increase of any company-managed crypto investment trust.
According to the company:
“Grayscale’s Bitcoin Cash, Litecoin and Digital Large Cap products have seen more than 10-fold growth in inflows on a quarterly basis.”
~ Grayscale Q3, Digital Asset Investments 2020 Report
The new addition now brings the total Nigerian Naira (NGN) trading pairs on Binance to 7 below:
- BTC / NGN
- BNB / NGN
- ETH / NGN
- BUSD / NGN
- USDT / NGN
- TRX / NGN
- LTC / NGN
About Litecoin
LiteCoin is a cryptocurrency created in 2011 by former Google employee Charlie Lee.
Dubbed “Bitcoin’s Silver to Gold”, its primary purpose is to serve as a fast, near-no-cost payment method that can be used around the world in a secure and decentralized manner.
LiteCoin and Bitcoin are very similar, and as a result, they can be ported to many escrow services without major changes.
RECOMMENDED READING: Binance Launches Binance Africa Affiliate Program in 5 African Countries
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