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SFOX, one of the first cryptocurrencies addressed to institutional investors and professional traders of large volumes, has made litecoin the fourth cryptocurrency listed on its platform.
The company based in Palo Alto, which was founded in 2014, made the announcement on Thursday, stating that it chose to add litecoin trading support in response to demand from its institutional client base. .
"As we turn to investors accustomed to the Wall Street standards, we add only cryptocurrencies that we are completely confident of," said Akbar Thobhani, CEO of SFOX. "Litecoin has utility and liquidity and is supported by a large team at the Litecoin Foundation." We are happy to meet our promises and offer our customers an option they have requested. "
According to the announcement, customers will now be able to exchange litecoin with both the USD and the bitcoin, and the creator of LTC Charlie Lee commented that the move would help increase the liquidity of litecoin and make the more accessible to institutional buyers.
"This partnership offers greater liquidity and institutional exposure for Litecoin," said Lee. "SFOX is supported by several well-known investors, who talk about the business model and the company team, and we look forward to providing support through the Litecoin Foundation to help make this partnership a success."
In fact, even if it is not well known among retail cryptocurrency investors, SFOX has the support of much more familiar names. Last month, CCN reported that SFOX had closed a $ 22.7 million series A round of financing led by Tribe Capital. He also attracted investments from other major companies and personalities, including Y Combinator, Khosla Ventures, Blockchain Capital and Airbnb co-founder Nathan Blecharczyk.
SFOX said it had processed over $ 9 billion in transaction volume since its launch in 2014 and has seen its customer base grow 12 times in 2018, even though the cryptocurrency market has plunged from its all-time high.
Analysts remain divided on the question of whether litecoin remains a high-growth investment product. Mati Greenspan, senior market analyst at eToro, published a report in August suggesting that litecoin is "widely discounted" compared to its fundamental value. However, Multicoin Capital, a cryptocurrency cryptocurrency, recently revealed that it is LTC short, arguing in a report that the currency faces a series of "negative catalysts" that are likely to prevent them from participating in the next sustained market rally.
Shutterstock foreground image. TradingView Charts.
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