Cryptocurrency

New York Regulatory Body Approves Litecoin Trading on Gemini Crypto Exchange

In an official medium blog post published yesterday, Gemini Trust Company, LLC has confirmed receiving approval from the New York State Department of Financial Services (NYDFS) to add Litecoin (LTC) custody and trading on its platform.

Gemini is a digital currency exchange and custodian founded in 2014, by Cameron and Tyler Winklevoss. The exchange allows customers to buy, sell, and store digital assets.

Litecoin (LTC) will be the fourth crypto supported on Gemini, alongside Bitcoin (BTC), Ethereum (ETH), and Zcash (ZEC). LTC trading pairs will now be available against all three cryptos, as well as against the US dollar.

Eric Winer, vice president of engineering in Gemini, informed Gemini traders that they could begin depositing Litecoin into their exchange accounts as of 9:30 am EDT Saturday, Oct. 13. Litecoin trading will reportedly go live Tuesday, October 16th at 9:30 am EDT.

Gemini also seeks to list Bitcoin Cash (BCH) but due to high levels of ‘uncertainty’ within the Bitcoin Cash community has decided to postpone it for later.

CoinTelegraph reported, “Some of [the] forks [currently under discussion] lack the replay protection feature that would be required for Gemini to safely support Bitcoin Cash. Because of this situation, we are delaying our launch of Bitcoin Cash deposits, withdrawals, and trading until late November, after the forks have passed and we can evaluate the health of the Bitcoin Cash ecosystem.”

Earlier in September, the Winklevoss brothers had received the approval of the NYDFS to launch their own stable coin. Named as the ‘Gemini dollar,’ it is a cryptographic token strictly pegged 1:1 to the US dollar and built on the Ethereum Network according to the ERC20 standard for tokens. Equipped with these characteristics, the Gemini dollar can serve as a viable medium of exchange and unit of account for centralized and decentralized applications.

Another important development for Gemini has been achieving the secured insurance coverage for custodial digital assets from lending services firm Aon.

Until the time of filing this report, Gemini was ranked the world’s 38th largest crypto exchange by CoinMarketCap, seeing over $34 million in daily traded volumes.

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