The seventh largest cryptocurrency in the encrypted market, Litecoin recently reached a milestone when it was listed on Gemini. The introduction of Litecoin to Gemini, which is one of the most important exchanges in the crypt, was applauded by the Litecoin community. Even the founder of Litecoin, Charlie Lee has publicly expressed his excitement.
Charlie Lee revealed in a Tweet that the Litecoin listing on Gemini means that all the major bitcoin exchanges now support Litecoin. Lee added that he worked tirelessly to bring Litecoin to the main platforms since 2013, when the late Mt. Gox promised and failed to list cryptography. Lee wrote in the tweet:
"Since MTGox announced the support of Litecoin in 2013 and failed to deliver, I was on a mission to get LTC added to the exchanges to increase liquidity.With the launch of LTC on Gemini today, every single major Bitcoin exchange supports Litecoin . Mission accomplished!"
Mt. Gox was the largest cryptographic exchange in the encrypted market before it was hacked in 2014. The exchange lost 70% of the users' bitcoins, which was about 6% of the total bitcoins in circulation at the time of the hack . In the end, the exchange struggled to stay afloat and filed for bankruptcy. However, Mount Gox remains in the spotlight because the deceased exchange is still involved in court proceedings to repay the affected customers.
Liquidity against adoption
In 2018, Litecoin LTC struggled to meet expectations. However, the currency has had a year full of events as it is increasingly adopted by various entities. The currency should be used by BlockFi in the near future. The company is planning to provide loans with Litecoin LTC and the new Gemini stilliope Gemini Dollar (GUSD). Other platforms and companies that have adopted Litecoin include; BTCPay, CoinGate, Globee, Aliant Payments, CoinPayments, GoCoin LTCPay and TravelbyBit.
Charlie Lee believes that the most important factor for Litecoin's mass adoption goals is the progress made in downsizing the network. As such, he has consistently stated that he is not worried about Litecoin's price struggles as he is more interested in improving the functionality of cryptography. However, some believe that Charlie Lee's approach is flawed. Such criticism is @Ralphawado who commented:
"What is the next big catalyst in your opinion that will make litecoin investors / users / traders regain confidence in LTC? 90% of my holdings are in LTC because I am confident in the long run but at the moment it does not seem too cheap to what he got "
Nevertheless, it is only a matter of time before discovering the effectiveness of the strategy adopted by the Litecoin team.